Google Shares Dip 5%
Rahul Srinivas, Oct 09, 2008 1040 hrs IST
Nightmare on Wall Street
Tech stocks continue to slide with the fall being led by none other than Google. Its shares at one point of time were down to about $353 -- which is at March 2006 levels and becomes the lowest the stock has traded in recent times. This is a 5 percent drop over the levels the shares were at yesterday.
How long will this continue? Is the question the investor is asking himself.
While many analysts have started to cut back their earning estimates for the company, some are still bullish on Google as the company is the best positioned Internet company to take a hit even as others struggle to weather a slowdown in advertising spending. Barclays Capital expects a 17 percent growth in Internet advertising spending to $24.8 billion in 2008. Impressive? Not if you consider the previous estimate of $26.2 billion. A drop of $2 billion sure doesn't sound funny.
In related news, Yahoo's stock closed at $13.76 today, down another 5.6%.
Via: Techcrunch
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Hm.. interesting... This is probably the first time Google's shares have dipped.
by Deepak T, Chennai, on Oct 10, 2008 12:04 PM, Report abuse Reply