Google to be included in S&P; 500 index?

May 24, 2005

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Google's stock increased more than 5 percent yesterday to $255.45, a new 52-week high since the company went public last year at $85.

Shares traded as high as $258.10 earlier in the session, before retreating a bit.

The new peak comes a couple of days before its chief executive, Eric Schmidt, addresses a group of institutional investors at the Goldman Sachs annual Internet conference, which kicks off this Wednesday in Las Vegas.

If Google's short history on Wall Street is any guide, the search firm will likely leave fund managers with little reason not to own the stock, especially as more investors believe Google will be added to the S&P; 500 Index.

As of last week, Google was still underweighted by institutions, according to ThinkEquity analyst John Tinker. While the percentage ownership by the top 10 institutional investors rose from 8% last September to 20% in December, it is still lower than that of Yahoo, at 34%; of eBay, at 27%; and of Amazon.com, at 52%.

The criteria for inclusion in the index are an initial public offering with the past 12 months, a minimum volume relative to shares outstanding and a market cap that is generally above $4 billion, indicated Tinker. Additionally, one entity cannot own more than 50% of shares.

At the rate Google shares are climbing, they may exceed $300 in short order. Tinker's target is $330 a share.

Source: Market Watch

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