Google Tops $900
It IPO’d at $85 a share in August of 2004
By: Maureen O'Gara
May. 16, 2013 08:00 AM
Google's stock topped $900 a share Wednesday ahead of the opening of its annual I/O developers' conference in San Francisco, raising its market value to over $304 billion, something no high-tech firm has ever done before.
There's the inevitable talk of it hitting $1,000.
Apparently it rose on rumors that it's going to field a paid Spotify-like subscription music service. The Wall Street Journal says it signed distribution deals with three big music labels: Universal Music Group, Sony and Warner Music Group.
There's also talk of a service called Google Play Games that will let gamers play each other over the Internet.
A few minutes into the three-hour-long keynote Google claimed there were 900 million active Android devices out there. It may update the $199 Nexus 7 tablet with a high-resolution screen. There are also revisions to Google Maps in the offing.
In early afternoon trading Google was at $908.01. It had already gone as high as $911.76.
Google IPO'd at $85 a share in August of 2004.
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