Yesterday, we published a story about Google Inc (NASDAQ:GOOG) exploring the idea of opening retail stores. Today, there is more news concerning the search engine giant. For the first time ever, shares of Google passed $800.
Around 10:15 am EST this morning, the company’s stock hit $803. Is it possible that Google was finally able to reach this mark because of the retail store announcement? Was this enough to give Google stock the boost it needed?
Five years ago, Google Inc (NASDAQ:GOOG) stock reached $700 a share. While it took a while to hit the $800 mark, the company, as well as investors, has to be happy with this.
ABC News online recently published information from Aaron Kessler, senior research analyst with investment firm Raymond James, talking about how investors have become more comfortable with the company’s mobile business after better than expected four quarter earnings.
Kessler is quoted as saying:
“The Android ecosystem is doing pretty well. It continues to gain market share so it’s hard to say if that will really help them more.”
In addition to Kessler, the same article quotes Rick Summer, analyst with Morningstar, discussing investor sentiment towards Google Inc (NASDAQ:GOOG).
“As the year unfolds, we expect investors to divert their focus towards profitability.”
With that in mind, the article did add the following:
“However, Summer said the stock no longer represents a compelling “buy,” in Morningstar’s judgment, so it is a three-star “hold.”
It will be interesting to see what the future holds for Google Inc (NASDAQ:GOOG) stock. Will its stock stay steady above $800 or fall back? Will any additional news regarding the potential for retail stores make much of a difference?
Share your thoughts on this news in the comment section below.
DISCLOSURE: I have no positions in any stock mentioned.
For related stories, visit the following links: