Technology SolutionsGoogle Edges Up in Premarket
NEW YORK (Thomson Financial) - Shares of Google Inc. edged higher in premarket trading Monday amid positive comments from Bear Stearns, which said it sees evidence of a 'bounce back' for the company in the first quarter.
The stock was trading up $1.36, or 0.3%, at $472.54 ahead of the open. As of Friday's closing price of $471.18, the stock had lost 32% since the end of 2007.
Analyst Robert Peck said data from SearchIgnite, which represents $200 million in media budgets from 500 major brands, suggests February has been very strong and is improving from January. Peck said SearchIgnite has observed 45% growth in paid clicks since the end of 2007 to Feb. 15, with ad spending in total increasing 43% from year-earlier levels.
'We note that SearchIgnite's data points have historically been accurate indicators when compared to reported results from Google and Yahoo,' Peck said in a research note. 'As such, we think the company's indication of Google's bounce back in [the first quarter] could have some validity.'
Google's stock was hurt last week, falling a combined 8.6% on Monday and Tuesday, amid concerns over data from commScore that showed a slight decline in U.S. paid clicks for the company in January.
