Google Closes Above $600 For The First Time
Google (GOOG) has made about a 25% move, from below $500 to around $610 at the close today, over the last 8 weeks (since Thurday August 16th) (Chart).
What’s interesting to me is that Google itself hasn’t really reported any especially good news in that time frame that I am aware of. In fact, their 2nd quarter earnings were a disappointment to Wall Street.
It just seems as if Google is going up on the general good feeling about the Fed getting involved and the markets being through the credit crunch.
UPDATE (Tue 10/9, 8:45am PST): Lehman Brothers analyst Tim Luke raised his price target on Google this morning to $714. Bank of America raised theirs as well.
Google is off to the races again up around $615 a share. That makes for a $35, 6%, move in the last three trading sessions. Geez.