| By Maureen O'Gara | Article Rating: |
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| November 13, 2008 06:00 AM EST | Reads: |
1,701 |
Google, whose stock was worth $741 a share a year ago - and was touted as inevitably seeing $1,000 - hasn't been able to hold its head above $300 because of widespread fears of advertising collapsing.
The stock slipped to a multi-year low today below $290, down ~7% in the midst of another 350 point drop in the Dow Jones. Google hasn't been below $300 since October of 2005.
That gives the mighty company a market cap of only ~$90.65 billion, half of Microsoft's. Microsoft has also been roughed up but not as dramatically as Google.
Today's retreat was set off by still more analysts cutting their estimates on the company's Q4 results. On average they figure it should clear $5.12 a share on $4.3 billion in net revenue.
Meanwhile, Google competitor Yahoo, which snubbed Microsoft's $31 a share opening bid, is scrapping 10 bucks, down another ~11%.
Published November 13, 2008 Reads 1,701
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Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025.
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