According to Market Watch from the Dow Jones, Google stocks took a significant leap today. it generated an almost $700.00 price! This comes amidst rumors that Google will be getting into the wireless phone business and plans to develop software for wireless communications.
"The stock topped out at $698.48 around mid-day, up 2.8% from the previous close. The shares were trading around $696 in early afternoon."
Original rumors have been circling around the net and in newspapers for months now and as recently as two weeks ago Google was thought to be designing its own phones, but these rumors as cited by an earlier article in the Wall street Journal have been squashed. but the fact that Google will be developing phone software itself id still big news and the record breaking stock prices are proof of this.
"We believe, that to some extent, the run-up in the Google stock may have been attributed to expectations that Google may provide some color on rumored 'Google Phone,'" Trip Chowdry, an analyst for Global Equities Research, wrote in a report Friday. "Both Google Analyst Day and CTIA conference have come and gone, and nothing has been announced on Google Phone. We believe this may have caused expectations to get somewhat ahead of itself."
I think the rise in stocks is a great sign for Google. This huge jump occurred only amidst rumors of wireless phone involvement . Imagine when the real deal hits the market . The results could be very profitable for the already lucrative company. This is just another example of how the digital revolution is constantly evolving. However, many people believe that the phone software speculation had little to do with the rise in Google's stocks and that the Media Giant should be careful not to alienate other device makers or carriers.
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