It's not a V bottom, it's not a U bottom, it's a Nike swoosh recovery - Greg McLenon, Hotovec Pomeranz
INTERNET GIANT Google's shares have hit an all-time high of $749.38, while Facebook's are down 8.4 percent following rumours that it is up to its old tricks and making private messages public.
Google's stock prices surpassed a previous 2007 high of $747.24 a share. The rise marks a quick jump for the company as it just rose above $700 a share earlier this month. Google's surge has some Wall Street pundits thinking the company's stock can rise even higher.
The internet services giant opened up on Wall Street in 2004. On its first day as a publicly traded stock Google closed at $100.33 a share with a market capitalisation of $27.2bn. Today, the company's market cap stands at $245.07bn and, according to a note to investors from Citigroup, might still be headed higher.
The Wall Street Journal reports that a note to investors from Citigroup analyst Mark Mahaney speculates that Google shares could reach as high as $850 a share within the next 12 months.
Mahaney's note reportedly says that the decreased legal liability afforded by Google's Motorola Mobility purchase and a less competitive search market spell good things for Google.
"Frankly, we believe that the possibility of someone generating a truly competitive search offering to Google has gotten remoter with each passing year," Mahaney reportedly said in his note to investors.
Apple shares also recently passed the $700 mark. The company's good fortunes came on the heels of the release of the Iphone 5 earlier this month. Apple's share price has since declined below $700 on the news that it didn't sell as many Iphone 5 devices as hoped.
Things aren't looking so good for Facebook however. The social network's shares slumped 8.4 percent overnight, following rumours that users' private messages were appearing on their public walls, rumours that Facebook has since denied. µ
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