Google shares close above $300 for the first time

Google shares close above $300

June 27, 2005

On Monday, Google's stock closed above the $300 level for the first time, sparking memories of the dot-com stock mania of the late 1990s.

Google shares closed at $304.10, slightly below its high for the day of $304.30. The stock has now gained nearly 260 percent since it went public last August at $85 a share.

Much of the optimism surrounding Google is due to the fact that it is the leader in the white-hot online advertising industry. The company reported much better than expected sales and earnings for the first quarter, thanks to a booming market for online advertising, particularly ads tied to specific keyword searches.

And during the past few weeks, Google has released several new features -- including a desktop search function for businesses and a test version of a personalized home page tool -- that should help the company remain competitive against rivals Yahoo and Microsoft.

Several analysts have also speculated that Google will soon launch an online payment service that could compete against eBay's PayPal. In addition, many investors have been betting that the company, which now has a market value of nearly $85 billion, will soon be added to the benchmark S&P; 500 index.

Source: CNN fn.com

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