Haute 100 SF Update: Google Stock Tops $800 Per Share
Google stock under Larry Page topped $800 for the first time on Tuesday. The search engine giant has dominated Internet search and is gaining prominence in the growing mobile market.
The company’s resurgent stock is an implicit endorsement of co-founder Larry Page. He replaced his managerial mentor, Eric Schmidt, as CEO in April 2011. Google’s stock has risen by 36 percent since Page took over. By contrast, the benchmark Standard & Poor’s 500 index has climbed by 15 percent over the same stretch.
Most of Google’s gains have occurred in the past seven months — a period that has overlapped with a sharp downturn in the stock price of rival Apple Inc. The iPhone maker’s market value has plunged by about $230 billion, or 35 percent, since late September.
[Source: bostonherald.com]
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