Google Shares Briefly Top $200 Mark
Wed Nov 3, 2004
SAN FRANCISCO (Reuters) - Shares of Web search leader Google Inc. (GOOG.O: Quote, Profile, Research) topped $200 on Wednesday, fueled by short covering from traders who bet on a stock decline and investors' search for growth stocks.
In breaking through that threshold, a level reminiscent of the Internet froth of the late 1990s, the stock was up nearly 140 percent from when Google went public two months ago at $85 a share.
The stock briefly touched a new high of $201.60 before retreating to $195.88, still up $1.01, early Wednesday afternoon on Nasdaq.
The rise follows Prudential Equity Group analyst Mark Rowan's call on Oct. 22 that the stock would hit $200. An associate of Rowan's on Wednesday said he was not available to comment.
Compared with other Internet names like Yahoo Inc. (YHOO.O: Quote, Profile, Research) and eBay Inc. (EBAY.O: Quote, Profile, Research) , Google has a small number of shares available for public trade, contributing to big moves in its stock.
Short traders, who were expecting the stock to fall, have helped drive it up as they scrambled to buy hard-to-find shares to cover bad bets.
"I think what we are seeing is the continuation of the price pattern in the stock that we have seen in the past few days," said Tim Biggam, chief options strategist with Man Financial.
Biggam said Google shares have flirted with new highs over the past four trading sessions only to falter and close near the lows of the day.
"It's running out of steam as buyers seem to be exhausted at these lofty levels. I would expect that sometime over the next week or so, that sellers of Google stock may finally prevail and we could see a couple of fairly significant down days," Biggam said.
Even if his prediction for a short-term sell-off proves to be wrong, Biggam said he believes that Google's rally cannot continue in the same frenzied pace in front of the Nov. 16 lockup expiration, when 39.1 million Google shares held by employees and early investors will become eligible for sale.
Refinance Mortgage - Provides refinance mortgage loan services for home owners in the United States. Refinance programs are available for invdividuals who have credit problems through Refinance-Mortgage.us
Mortgage 4 All - No DOC loans. 95% NoDoc mortgage loan. NO DOC mortgage loan rates. No doc, No income and No asset mortgage loans. No doc refinancing. Refinancing no documentation loan. 100% no income loans.
Annuities - Qualified Joint and Survivor Annuities
Annuities - annuities
Military Loans and Military Lending - Obtain military loans in as little as 24 hours with MilitaryLoans.com
Want to reduce your home problem? -
An ARM Loan (Adjustable Rate Mortgage) is a loan type that allows the lender to adjust the interest rate during the term of the loan. Generally, these changes are determined by a margin and an index so that the interest rate changes, up or down, are based on the market conditions at the time of the rate change. Most often the interest rate changes are limited by a rate change cap and a lifetime cap.
[ Refinance | Purchase | Home Equity | Second Mortgage | Debt Consolidation | Home Improvement | Financial News | FHA Streamline Refinance]
Copyright 2000-2013 and Beyond, #1-Refinance.com. All Rights Reserved.