Google’s New Corporate Philosophy: “You Can Lose Money Without Doing Evil”
by John Paczkowski
Posted on October 7, 2008 at 1:59 PM PT
Looks like Google’s share price is finally getting that “good old-fashioned correction” that’s been predicted for so long. Another day of widespread losses for technology stocks dragged the company’s once high-flying share price below $350 for the first time in two-and-a-half years. Google (GOOG) shares hit a low of $345.37 Tuesday. Seems those “freakishly high growth rates” associated with the company aren’t much good in this ugly economic climate. Google’s shares have now lost more than half their value since peaking near the $750 mark in November of last year. Most other tech bellwethers are in agony today as well. Microsoft (MSFT), IBM (IBM), Hewlett-Packard (HPQ), Cisco (CSCO) and Apple (AAPL) are all trading close to their 52-week lows.
