While Apple slumps, Google hits new milestone
For the first time, its stock price pierces the $900 level, giving the search giant a cool $300 billion market cap.
The stock recently traded at $906, ahead of its average 52-week price target of $903.03.
The search engine giant has been able to shrug off concerns about weakened prices for its search ads, the surging popularity of Facebook (FB) and worries about whether it's spreading itself too thin with side projects such as Google Glass and now a subscription music service.
Shares of Google have surged more than 28% this year, while Apple (AAPL -2.93%) has slumped more than 19% and Facebook has barely budged.
Everything seems to be going Google's way. Its Android operating system currently powers about 75% of the world's smartphones and shows no sign of slowing. While the company still generates most of its earnings from search advertising, Wall Street analysts expect it to pull in a whopping $59.4 billion in revenue this year. That's pretty good for a company feeling it needs to expand.
How high can Google go? That's hard to say.
In 2006, analyst Mark Stahlman was mocked by many people in the press, including me, for saying it was possible for the search engine giant to reach a $2,000 stock price. Suddenly, what looked crazy then seems more possible now.
Jonathan Berr does not own shares of the listed stocks. Follow him on Twitter @jdberr.
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[BRIEFING.COM] The major averages slumped out of the gate with the consumer discretionary sector (-1.0%) leading the slide due to an 11.1% loss in the shares of Amazon.com (AMZN 319.00, -39.61) after the retailer reported disappointing results for the quarter.
The discretionary space is a clear laggard, while other cyclical sectors like energy (-0.5%) and technology (-0.4%) also display notable losses. The energy sector trades in the red amid weakness in crude oil futures (-0.8% ... More
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