- Woman sleeping in car accused of attacking Cape officer (7/26/16)13
- Seeking new history: Centurion Development buys former Woolworth building at 1 N. Main St. (7/28/16)5
- Prosecutor says shooting by state trooper was justified (7/24/16)15
- Cape resident gets seven years in prison for shooting at man (7/26/16)1
- Former Scott City mayor refutes claims made about loss of curbside recycling pickup (7/26/16)
- Burglary of trailer leaves its residents homeless (7/27/16)4
- Golden Corral coming to Cape; may hire 100 workers (7/21/16)10
- Police: Child's video revealed stepfather's abuse of sibling (7/28/16)3
- Foot plots provide habitats and nutrition to attract wildlife, grow populations (7/18/16)
- City may spend extra park tax money on Cape Splash, skate park, other projects (7/25/16)10
Google hits $100 billion milestone in stock value
Shares have nearly quadrupled since their initial public offering just over 14 months ago.
SAN FRANCISCO -- Google Inc.'s market value briefly surpassed $100 billion for the first time Friday, its stock scaling new heights after an earnings and revenue spike that astonished investors.
The online search leader's shares traded as high as $346.43 on the Nasdaq Stock Market before backtracking as the day progressed. The shares had gained $36.16, or 11.9 percent, as their price eased to $339.36 in late afternoon trading.
After the slight retreat, Google's market value stood at $98 billion after just seven years in business.
Google's shares have nearly quadrupled since their initial public offering at $85 just over 14 months ago -- a stretch that has been marked by stunning financial growth and a steady stream of new products designed to lure even more traffic to a search engine that seems to spit out profits as efficiently as it does answers.
The innovation, combined with media consumption habits that are shifting more advertising to the Web, paid off in a big way during the third quarter.
Google's profit, announced after the market closed Thursday, increased by more than sevenfold to $381.2 million. Excluding advertising commissions, revenue more than doubled to $1.05 billion.
ThinkEquity Partners analyst John Tinker and Hoefer & Arnett analyst Martin Pyykkonen both raised their targets for Google shares to $425, up from $350, while Citigroup analyst Mark Mahaney predicted the shares would hit $430 within the next year.
"There is definitely a bit of a 'wow factor' here," Pyykkonen said. The company's earnings "are looking better than you could have imagined in your wildest dreams."
Google is outperforming the Internet's other major advertising network, Yahoo Inc., whose market value during Friday's trading stood at $53 billion.