Google Inc (NASDAQ:GOOG) stock seems to have a newly discovered attraction for investors, as in the aftermath of Apple Inc. (NASDAQ:AAPL)’s recording setting market gains, Google has also hit new highs.
Google Inc (NASDAQ:GOOG) is the world’s largest search engine service, and one of the most popular names in the tech sector. Today, they broke their all time record high for share prices, which was set almost five years ago. In November of 2007, Google shares hit $747.24, and since that time have suffered in price. However, in recent months, the stock has rebounded, and in recent weeks, the rebound has been dramatic at times. Today, the stock soared to an unprecedented $748.90, during afternoon trading in New York.
Google Inc (NASDAQ:GOOG) generated $38 billion last year, and is easily the most recognized name in the world of Internet search engines. The company provides answers to almost any search query you can think of, and easily redirects you to the proper place to find the information you seek. With its recent acquisition of several companies in the tech sector, including Motorola, Google is increasingly attractive to investors.
The company also offers a variety of other services, including Google Maps, GMail, and the Google Chrome web browser. These other services are rapidly gaining market share among users, and in the wake of Apple’s recent iOS 6 Maps application fiasco, Google Maps is increasingly attractive to users.
While Facebook Inc (NASDAQ:FB), Zynga Inc (NASDAQ:ZNGA), and other companies in similar markets came to the public trading table with high expectations, they seem to have fallen flat on their faces in many instances. However, Google is increasingly gaining strength in almost every area of business. Its Android OS is holding strong market share in all markets, and offering Apple’s iOS a strong competition.
According to Brian Weisser, an analyst for Pivotal Research Group, “The markets have come to appreciate that Google’s been making money hand over fist all this time.” In regards to Facebook’s stock failure, he says, “It’s so new, that there’s a lack of data for anyone to point to.”
Since July of this year, Google Inc (NASDAQ:GOOG)’s stock has pushed 27%, while the Dow Jones’ has only shown a 6% gain, and the NASDAQ has risen only 9.5%, in the same time period.
Without a doubt, two of the juiciest stocks on Wall Street today are Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOG), who interestingly enough are strong competitors in the same market areas. Although, Apple and Google are both favorites of late, Apple shares have suffered a slump in prices today. Only time will tell who will truly emerge a dominating force, and my guess is that the two tech giants will eventually split market share in different markets, with Google dominating Internet search, and Apple Inc. (NASDAQ:AAPL) dominating the mobile airwaves. We will have to wait and see.