Google shares briefly top $200 mark

pr0digal jenius · Nov 3, 2004, 10:11 PM

Google shares topped $200 on Wednesday as investors' search for growth stocks fueled interest in the Web search leader.

In breaking through that threshold, a level reminiscent of the Internet froth of the late 1990s, the stock is now up more than 150 percent from when Google went public two months ago at $85 a share.

The rise also 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 and eBay, 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 price to fall, have also helped drive it up by buying hard-to-find shares to cover their bad bets.

Google shares were up $1.63 at $196.50 in midmorning trading on the Nasdaq after climbing to $201.60 earlier in the session.
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Source: C|Net

Nov 3, 2004, 10:11 PM	#1
pr0digal jenius Delete Me Join Date: Mar 2004 Posts: 14,648 Rep Power: 0	Google shares briefly top $200 mark Google shares topped $200 on Wednesday as investors' search for growth stocks fueled interest in the Web search leader. In breaking through that threshold, a level reminiscent of the Internet froth of the late 1990s, the stock is now up more than 150 percent from when Google went public two months ago at $85 a share. The rise also 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 and eBay, 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 price to fall, have also helped drive it up by buying hard-to-find shares to cover their bad bets. Google shares were up $1.63 at $196.50 in midmorning trading on the Nasdaq after climbing to $201.60 earlier in the session. _________ Source: C\|Net