Googlecracked $700 a share this morning, just three weeks after surpassing $600 for the first time. Sure, as Google becomes more valuable, these $100 milestones will get easier to achieve, but you can't discount a 16% move by a company worth over $200 billion in under a month. It's significant.
Some nifty factoids: It took Google 17 days to go from $600 to $700 a share, definitely "a surprise" according to Piper Jaffray's Gene Munster. Google shares up four days straight. They've gained 726% since going public August 19, 2004. The company has added $187 billion in market cap since then. In October alone, Google's jumped 19.2%.
At the same time, Dinosaur Research's David Garrity issues a fresh $985 target on the company this morning, figuring 48 times 2008 earnings. One of his key points is the growing speculation--fever pitch now--that Google's going mobile, or seems to be, jumping into the handset business.
A few thoughts on that point: I have long written and talked about Google's move into wireless. But not in the way that so many have been saying. I would be stunned if Google released its own designed, manufactured and branded handset. It's just too far off the company's strategic path.