Google Soars, Shorts Scramble to Cover
Google Soars, Shorts Scramble to CoverGoogle Soars, Shorts Scramble to Cover
Monday October 25, 3:43 pm ET
By Doris Frankel and Lisa Baertlein
CHICAGO/SAN FRANCISCO (Reuters) - Shares of Google Inc. (NasdaqNM:GOOG - News) hit a new high on Monday as traders who had shorted the stock scrambled to buy back scarce shares after the Web search leader's better-than-expected quarterly results last week.
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Shares of Google peaked at $194.43 on Nasdaq during Monday trade -- a 129 percent gain from Google's debut stock price of $85 in mid-August. The shares had retreated to around $187 in late trade, still a gain of nearly 9 percent on the day.
Options activity was also brisk after Friday's record run.
Google on Thursday reported third-quarter growth and profits that exceeded Wall Street's expectations.
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