Apple may not be the darling of every investor's eye but Google is starting to lose some love too.
Just a month ago, shares of Google were well on their way to $900, with some analysts even calling for Google's stock to hit $1,000.
Even though shares are still up 9% for the year, they're moving further and further away from their March 6 all-time high of $844.
What helped propel Google (GOOG) in the first place?
A report over the weekend from Barron's credits Facebook's (FB) botched IPO for Google's recent run. Seems counterintuitive but the disastrous debut reminded everyone of the dotcom craze (and ensuing crash and burn). As investors and analysts regained confidence in Google's search business, and its ability to turn a profit, the company became a dominant force, according to the Barron's article.
So much so, that it helped knock Apple (AAPL) off its pedestal.
Shares of the iEverything company are down 20% so far this year. In fact, Apple's stock has slumped nearly 40% from its all-time high of just above $700, hit last September.
It might be too soon to say the bloom is off Google's rose, but StockTwits traders have turned cautious.
CoderTrader may have spoken a little too soon. Granted Apple is only down fractionally today but it's gotten hammered this year. Maybe the next iteration of the iPhone will help turn things around.
There's definitely a nervous vibe out there. But the old adage 'you can't buy something new 'til you throw something out' may be coming to fruition.
Last month, Google announced it was shutting down Google Reader as part of its annual spring cleaning.
Monday brought speculation that Google may be willing to pay $1 billion for mobile messaging app WhatsApp. And Google may also be getting ready to launch its second fiber optic network, Google Fiber, in Austin, Texas.
Good call howardlindzon. It's way too soon to say Google is headed for a sustained slump. Hang in there.
I couldn't agree more. We've seen stocks hit new record highs this year and we're not even 6 months in. I would expect pullbacks and mini-corrections across the board.
Facebook CEO Mark Zuckerberg announced a new search tool at a highly-anticipated press event Tuesday.
The new feature, dubbed "Graph Search," allows Facebook users to search their own network of connections for people, places, photos and interests that have been shared on Facebook. For example, users will be able to search for "friends who live in my city," "photos of the Eiffel Tower," or "music my friends like."
Facebook first announced the event last week, MOREHibah Yousuf - Jan 15, 2013 4:10 PM ET
Facebook's stock rallied almost 8% and closed at a 1-month high Wednesday, a day after CEO Mark Zuckerberg took an upbeat tone during his first public appearance since the company's botched stock market debut in May.
"I am really optimistic about our mobile monetization strategy," Zuckerberg said during an interview with TechCrunch founder Michael Arrington at the tech blog's Disrupt conference in San Francisco Tuesday.
The CEO cited the social media platform's high volume MOREHibah Yousuf - Sep 12, 2012 4:04 PM ET
The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, and Abbott Laboratories, La Monica does not own positions in any individual stocks.
Happy 14th birthday, Google!
Sure, Google (GOOG) doesn't officially recognize its anniversary until September 27. That's when you'll see the celebratory doodle. But the search engine leader was incorporated on September 4, 1998. So as far as MOREPaul R. La Monica - Sep 4, 2012 1:40 PM ET
|Adele's '25' sells record 3.38 million copies in first week|
|The steep cost of incarceration on women of color|
|Airlines saved $11 billion on fuel. You saved 8 bucks.|
|Raspberry Pi's $5 computer sold out online in a day|
|Gold price plummets to almost 6-year low|