Google Inc (NASDAQ:GOOG) shares hit a new high today, topping $900 per share for the first time since the company’s initial public offering. Just a little over a week ago, the company’s stock blazed past the $850 per share mark, and less than three months ago, it passed the $800 per share mark.
Google shares have rallied over 27 percent this year so far, while the S&P 500 Index has risen just 16 percent since the year started. Although the company has said in the past that it would do a stock split, if its stock keeps this rally up, it might become the vest first tech company to surpass $1,000 per share.
Here’s a round up of hedge funds’ May returns
Tyro Absolute Return Fund was down 1.5% for May. The fund's main contributors in May were Super Micro Computer, which gained 1.6%, Shyft Group, which was up 1%, and GCI Liberty, which gained 1%. Detractors in May include Recro Pharma, which fell 2.6%, index shorts and hedges, which declined 2%, and DXC Technology, which was Read More
Google’s I/O Conference This Week
Investors are likely looking forward to Google Inc (NASDAQ:GOOG)’s I/O developers conference, which starts today, and all the goodies it’s expected to reveal. Google Inc (NASDAQ:GOOG) is expected to announce a new streaming music service, a new gaming service, mapping and Google Plus upgrades, and possibly some new hardware.
Last year at I/O, we saw the Nexus 7 tablet for the first time. We could see the next updated Android tablet and / or smartphone as early as today. We’re also looking for small updates to Google’s Android operating system.
Comparing Apple To Google
While Google Inc (NASDAQ:GOOG) has been doing nothing but gaining this year, it’s the opposite story with Apple Inc. (NASDAQ:AAPL). The stock fell below $440 per share today after more than one major firm, including Blue Ridge Capital and Tiger Management, reported in their latest 13F filings with the Securities and Exchange Commission that they had sold off the rest of their stake in the company.
As of this writing, shares of Apple Inc. (NASDAQ:AAPL) had fallen as much as 2 percent.