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Google shares continue to surge | Google shares continue to surge |
(20 minutes later) | |
Shares in the search giant Google surged again on Tuesday following strong comments from analysts. | Shares in the search giant Google surged again on Tuesday following strong comments from analysts. |
Lehman Brothers said it expected Google to move into the mobile phone market and predicted it could launch its own handset as soon as February 2008. | Lehman Brothers said it expected Google to move into the mobile phone market and predicted it could launch its own handset as soon as February 2008. |
The shares closed up 0.9% at $615.18 having earlier been up as much as 2%. | The shares closed up 0.9% at $615.18 having earlier been up as much as 2%. |
Its brief rise above the $620 mark made it one of the 10 most valuable listed US companies for the first time, overtaking Johnson & Johnson. | Its brief rise above the $620 mark made it one of the 10 most valuable listed US companies for the first time, overtaking Johnson & Johnson. |
"We expect the device to be a low-priced, simple-form-factor handset with a Google-designed operating system specifically designed for Internet applications," Lehman said in a note to clients. | "We expect the device to be a low-priced, simple-form-factor handset with a Google-designed operating system specifically designed for Internet applications," Lehman said in a note to clients. |
It also raised its target for Google shares from $610 to $714. | It also raised its target for Google shares from $610 to $714. |
The suggestion that Google plans to get into mobile phones was supported by the news that it had bought the Finnish firm Jaiku, which makes a mobile phone application that allows people to use instant messaging to keep track of each other's activities. | |
No financial details of the acquisition were given. | |
Google went public in August 2004 at a price of $85 a share. | Google went public in August 2004 at a price of $85 a share. |
Larry Page and Sergey Brin, who founded the search engine, have seen their wealth rise to $20bn each. | Larry Page and Sergey Brin, who founded the search engine, have seen their wealth rise to $20bn each. |
In the past month alone, Google has seen its shares increase 19.6%. | In the past month alone, Google has seen its shares increase 19.6%. |
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