Google Shares Scoot Past $700
37% surge since Sept. 10 puts the company among the top 5 US firms
By Jim O'Neill,  Newser User
Posted Nov 1, 2007 9:15 AM CDT
Eric Schmidt, Chairman and CEO of US Internet search engine Google.   (Getty Images (by Event))
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(Newser) – High investor expectations for Google's wireless and social networking businesses to equal its online advertising success pushed the search giant’s share price past $700 yesterday, reports the Wall Street Journal. Google’s stock has gained more than $100 since Oct. 8, and it is now one of the five most valuable US companies.

Currently worth about $220 billion, Google is up 37% since Sept. 10, with shares trading at 56 times the company’s expected 2007 earnings of $15 billion. Investors remain bullish, despite a pending $1 billion lawsuit against its YouTube unit, believing there’s room for growth in Google’s core online advertising business. Q3 profit rose 46%.