It has finally happened... Google hit over $600 today before dropping back down to $597.13. With 3rd quarter earnings scheduled to be released on October 12th, the share price has peaked new highs 6 times since in the start of the 4th quarter.
The prices of Google at today's high are over 7 times higher than the initial public offering price of $85 a share in August of 2004. AP Business Writer, Michael Liedtke notes that this " 9-year-old company with a market value of $187 billion -- (is) worth more than bigger, more more mature businesses like Wal-Mar Stores Inc., Coca-cola Co., Hewlett-Packard Co. and IBM Corp."
Something to watch... It looks as if Google has shown tremendous interest in DoubleClick, Inc. A proposed $3.1 billion acquisition deal waits on the table as federal antitrust regulators explore complaints of a virtual monopoly.
MarketClub's members were in this Google move as it made its way to $600. The "Trade Triangle" suggested that members take a long position on September 4th at $519.75. Even if members jumped out at the historic $600 high, they would have walked away with a profit of $80.25/share. That is a 15.44% profit in 24 trading days.