Google Shares Hit $100.34 In Market Debut

KingFishKingFish
edited August 2004 in Science & Tech
In a debut vaguely reminiscent of the dot-com boom, shares of Internet search giant Google Inc. surged in their first day of public trading Thursday as investors who avoided the company's auction-based offering readily jumped into the familiar territory of the stock market.
Though the 18 percent jump boosted the paper worth of Google shareholders and insiders, it also raised questions about the effectiveness of the unorthodox auction, which was designed to gauge true demand and set a rational price that wouldn't be subject to big swings. "It seemed like the whole purpose of the auction was to prevent that kind of big move from happening," said Barry Randall, portfolio manager for the First American Technology Fund. "If it's not a failure, it clearly didn't work the way Google's management intended it."
Source: eWeek

Comments

  • pseudonympseudonym Michigan Icrontian
    edited August 2004
    Thats disgusting. How much higher could it go?? Whats the point to buy in that high?
  • 289Mustang289Mustang Husker Nation
    edited August 2004
    It could be just as cheap or expensive depending on what you think the company will do if the price was $20 instead of $100.
  • NomadNomad A Small Piece of Hell Icrontian
    edited August 2004
    I was thinking of spending $1000 and buying like 10 shares, waiting for it to go up 15% in the first week, and then sell it all again. I decided not to though.
  • JustinJustin Atlanta
    edited August 2004
    Anybody want to go in on one share? :cool:
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