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SAN FRANCISCO - Google Inc.'s stock price barreled through $700 for the first time Wednesday, propelled by a belief that the Internet search leader will become even more profitable as it plants its products and services in new markets.
The Mountain View-based company's shares gained $12.23 to finish at a new peak of $707. It took less than a month for the stock to leap from $600 to $700, building upon a fervor that has lifted Google's market value by 34 percent since mid-September.
It is kind of funny, when I was a kid folks said they wish they had invested in IBM. As a teenager, they told me they wish they had invested in Xerox. As a younger adult, I was advised by folks that they would have been much better off if they had invested in Microsoft. Now I hear about Google.
I wish folks would give me insights IN ADVANCE of the runups...
Wow, sounds suspiciously like Qualcomm hitting $1000 a share. And we all know what followed that...
The people who bought at the top will certainly get hurt when the bubble bursts. It's impossible to predict when that will be though. The high price looks impressive, but it's the gain that counts. That is not to say that GOOG has not been a good gainer. It has been. But there are other stocks that have been achieving far greater gain.
Actually, it's not just people who bought at the top will get hurt when the bubble bursts. A lot of people will get hurt because stocks decline much quicker than when they rise. A few days of decline can wipe out years of gain. WCG is good example of this kind of devastating decline. This stock dropped from $120 to $22 in four days.
There's a great quote about over priced stocks (from Keynes?).
"The market can stay irrational longer than you can stay solvent".
I remember at $500, the shorts were saying.."well, now it *must* go down". And probably the same at $600 or $700. And people thought it was over valued at $150 or $250.
Remember JDS Uniphase? Just Don't Sell Us. And Qualcomm, etc. Yahoo was worth more than Time Warner at one point. What must the shorts be thinking now...
You're right, 18Montclair-- it's been a great ride and you made a stellar investment. If I owned it, I'd probably be looking to unload some, too. Unfortunately, I own YHOO and what a dog it's been. I bought at the high and have been sitting on a loss for more than two years. Should've sold on Friday-- it dropped almost 10% on Monday and is still going south. Any thoughts on this bowser?
You're right, 18Montclair-- it's been a great ride and you made a stellar investment. If I owned it, I'd probably be looking to unload some, too. Unfortunately, I own YHOO and what a dog it's been. I bought at the high and have been sitting on a loss for more than two years. Should've sold on Friday-- it dropped almost 10% on Monday and is still going south. Any thoughts on this bowser?
Well, LinkenIn is around $90 at the moment, which makes no sense to me. There are a lot of companies that see more relevant and actually "own" something that I can buy for less. I don't understand how Google is as high as it is. I really think a lot of these tech stocks are overpriced, just like in the mid to late 90's. I wouldn't be surprised if this is a second tech boom with stocks. I think many of the companies will still be around this time, but the cost of their stock doesn't equal their real worth to me. Imagine when/if Facebook goes public.
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