Google, Facebook stocks jump, Twitter prepares to join market - New York News

Google, Facebook stocks jump, Twitter prepares to join market

Updated:

By: Herb Scribner, Deseret News

Three big tech-related companies - Google, Facebook and Twitter - have shown success this week in relation to Wall Street.

On Thursday, Google's stock jumped to $1,012, a more than 14 percent ($120) increase, according to USA Today. This climbed over the previous record of $924.69 set on July 15.

Google “showed again late Thursday just how lucrative its business of collecting and selling consumers' personal data to the highest bidder has become. Those surging profits are powering Google's stock to levels not seen by many companies,” said USA Today.

USA Today also reported Google announced a $3 billion profit in the third quarter, which is 36 percent higher than in 2012 and above estimates.

“It was the first time in several quarters that Google, which for years exceeded analysts' expectations, had once again beat what Wall Street thought it could earn,” reported The New York Times.

Google is now a member of Wall Street's $1,000 club. Google joins Warren Buffett's Berkshire Hathaway ($175,950), pork processor Seaboard ($2,814) and retailer Priceline ($1,048) as the only companies with a stock price above $1,000, according to USA Today.

The $1,000 club is "a numbers game," according to USA Today, and "Google's market value already surpasses the $288 billion value of Berkshire Hathaway and swamps the $3.4 billion value of Seaboard," USA Today reported.

The New York Times reported Google expects its ads on mobile devices will keep growing, as they are a crucial point of emphasis by the company.

Google isn't the only company celebrating its rise in stock. Facebook, following a tough introduction into the market, reached its record high on Thursday, jumping up $1.08 to $52 a share, according to Investor Place.

Facebook's jump will be “a good PR boost” after the company received more criticism for a shift in privacy laws that will “in effect, weaken privacy,” Investor Place reported.

Both Facebook and Google will soon be joined by Twitter on Wall Street. On Tuesday, Twitter announced it was choosing the New York Stock Exchange instead of the Nasdaq Stock Market, according to The Los Angeles Times.

"This cements the idea that Twitter believes at least two things: One, that this is a hot IPO and two, that the window is open for them," Max Wolff, chief economist and strategist at ZT Wealth, told the Los Angeles Times. "In New York, we call that chutzpah."

Twitter also announced its most recent revenue numbers - $169 million - on Tuesday, according to The New York Times. Twitter said its “monthly users grew to 232 million in the third quarter,” with about 76 percent using the social media service on a mobile device.

NYSE is planning to offer testing next weekend ahead of Twitter's IPO launch, “highlighting an industry-wide focus on risk controls after a spate of technology-related snafus in recent years,” Reuters reported.

Even though Twitter loses money due to “high employee stock and compensation costs and spending heavily on research and development,” the outlook remains positive, according to the New York Times.

"Things are looking positive for Twitter," said Debra Aho Williamson, an analyst with research firm eMarketer, who closely tracks Twitter, to the New York Times. "This sets Twitter up to really have a great year."


Original Post

Copyright 2013 Deseret Digital Media, Inc.

  • Local NewsLocal NewsMore>>

  • Garner's family meets U.S. attorney

    Staten Island stores worried about rally

    Staten Island stores worried about rally

    Thursday, August 21 2014 11:01 PM EDT2014-08-22 03:01:16 GMT
    The Rev. Al Sharpton and family members of Eric Garner came from a meeting with U.S. Attorney Loretta Lynch in which they asked for a federal civil rights investigation into his apparent chokehold death. Meantime, Staten Island businesses are bracing for the huge crowds expected at Saturday's march. Sharpton said he is estimating about 3,000 to 5,000 people to rally Saturday.
    The Rev. Al Sharpton and family members of Eric Garner came from a meeting with U.S. Attorney Loretta Lynch in which they asked for a federal civil rights investigation into his apparent chokehold death. Meantime, Staten Island businesses are bracing for the huge crowds expected at Saturday's march. Sharpton said he is estimating about 3,000 to 5,000 people to rally Saturday.
  • Brooklyn Nets Kids Dance Team auditions

    Brooklyn Nets Kids Dance Team auditions

    Thursday, August 21 2014 10:26 PM EDT2014-08-22 02:26:39 GMT
    Out of over 500 hopefuls only a handful will join the Brooklyn Nets Kids Dance Team. The Nets held auditions this week at LIU Brooklyn. Adorable Bronx native Arielle was turned away last year but this time around she's made it through to the final round of the auditions. But even those who were on the team last year still have to try out.
    Out of over 500 hopefuls only a handful will join the Brooklyn Nets Kids Dance Team. The Nets held auditions this week at LIU Brooklyn. Adorable Bronx native Arielle was turned away last year but this time around she's made it through to the final round of the auditions. But even those who were on the team last year still have to try out.
  • Chris Rock gets foul ball at Yankees game

    Chris Rock gets foul ball at Yankees game

    Thursday, August 21 2014 10:03 PM EDT2014-08-22 02:03:11 GMT
    Chris Rock almost made the play of the day at Yankee Stadium. Instead, the comedian wound up with a nice prize -- a foul ball that nearly landed in his lap during Thursday's game between the Houston Astros and New York Yankees.
    Chris Rock almost made the play of the day at Yankee Stadium. Instead, the comedian wound up with a nice prize -- a foul ball that nearly landed in his lap during Thursday's game between the Houston Astros and New York Yankees.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices