Google stock hits $900 for first time ever

Google’s stock topped $900 a share in early trading Wednesday for the first time in the company’s history, less than three months after it hit $800 for the first time.

The latest surge in the stock price comes as Google is expected to make several big announcements at its I/O developers conference this week, including a rumored new streaming music service, a major upgrade to maps and the possibility of new or updated smartphones and tablets.

There have also been several positive reports for Google in recent days. Gartner put out a study showing that Android accounted for three-quarters of all smartphones sold in the first quarter of this year and Nielsen found that the number of users on Google+ and time spent on site have grown significantly year-over-year.

The company’s stock has been on an upward swing for months as Google has once again shown itself to be a major innovator in the tech space, with several promising breakthrough products like Glass and Fiber coming to market. By contrast, Apple’s stock price has fallen below $500 a share as Wall Street is concerned about whether it has another blockbuster product in the pipeline.

Google has proposed to do a stock split at some point, which would spell an end to days of such high stock prices, but as of right now Google is on the verge of becoming the first tech company to hit $1,000 a share. (from www.mashable.com)