Google Overtakes GE as Fifth Most Valuable U.S. Company
Google Overtakes GE as Fifth Most Valuable U.S. Company.
Google‘s stock has been on a tear in recent months, rocketing from about $559 a share on June 14 to an all-time intraday trading high of $764.89 on Tuesday. The stock closed at $749.38 for the day.
Thanks to this stock surge, Google’s market cap has ballooned by more than $60 billion in that time period to roughly $245 billion. In the process, Google has gone from being the tenth most valuable company in the United States to the fifth most valuable, passing other juggernauts like Chevron and IBM along the way, according to data from the Bespoke Investment Group.
Most recently, Google overtook General Electric, whose market cap currently sits at around $236 billion. Google is also on the verge of passing Walmart, whose market cap is just shy of $250 billion, to become the fourth most valuable company in the country.
Apple is far and away the most valuable company in the country, having passed Exxon Mobil earlier this year, with a current market cap of more than $631 billion.
Google’s stock surge isn’t attributed to any one factor so much as a combination of strengths in the company, including positive reports about its display advertising and Android activations, as well as strong consumer demand for its Nexus tablets.
Image courtesy of Flickr, TheAlieness GiselaGiardinoÂ²Â³