Google Breaks 100 on Opening Day
Posted on August 19, 2004
Google's stock soared over 18% on opening day -- rising from the $85 IPO opening share price to just over $100. At this price the stock has an extremely high PE of 138.78. Google's IPO was brought down earlier this week from the originally expected IPO price opening of $108 - $135 per share.
This especially good for the search provider as this was a difficult time for an IPO. CNN/Money reports, "Google was also a victim of poor timing, as shares of tech stocks have been battered for the past month and a half. Shares of Google's competitors, Yahoo! and Ask Jeeves, have taken an even larger hit than the overall Nasdaq market on concerns about sales growth and lofty valuations."
It remains to be seen where Google's price will go from here. Google trades under the NASDAQ symbol GOOG. Investors have been hoping the IPO stock launch of the incredibly popular search provider would rekindle the flames of a tech boom, but with rising oil prices and a weak economy looming over the market, Google's debut might not be enough.
