Google Stock Passes $600 in Monthlong Surge

Shares reach new high ahead of third-quarter report
By Caroline Zimmerman,  Newser User
Posted Oct 8, 2007 8:15 PM CDT
Inside Google headquarters in Mountain View, Calif., May 15, 2007. Google Inc.'s stock price sailed past $600 for the first time Monday, extending a rally that has elevated the Internet search leader's...   (Associated Press)
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(Newser) – Google's stocks have shot past $600 for the first time, kindling investor hopes as the cyber giant eyes a possible buy of ad distributor DoubleClick. CNN Money reports that stocks peaked at $610.26 in New York today and closed at $609.92, a 2.6% gain. The rise extended a monthlong surge in which shares spiked 17% in anticipation of a rosy 3rd-quarter report.

Starting at $85 in 2004, the stock's rise has spawned many millionaires—including hundreds of employees—and turned Google's top execs into multibillionaires. Now Earth's biggest online advertiser, the company will increase its power if regulators let it pick up ad distributor Doubleclick Inc. for $3.1 billion. Critics say the sale would grant Google too much sway over online ad prices.