LOS ANGELES — Wall Street’s exclusive $1,000 club just got a new member.
Google’s stock jumped more than $114, or 10%, to $1,003 in early trading as the Internet company showed again late Thursday just how lucrative its business of collecting and selling consumers’ personal data to the highest bidder has become. Those surging profits are powering Google’s stock to levels not seen by many companies.
Google reported a profit of nearly $3 billion during the third quarter, up 36% from a year earlier and exceeding estimates. The jump put Google above the stock’s all-time closing high of $924.69 on July 15.
Google is now the fourth company trading on a major exchange to have a stock price of $1,000 or more. Warren Buffett’s Berkshire Hathaway remains the king of the high per-share stock price at $175,950.
That’s followed by pork processor Seaboard and its $2,814 share price. Name-your-own price retailer Priceline is the newest addition to the $1,000-a share-club at $1,048.
Much of this race to $1,000, though, is merely a numbers game and doesn’t say much else about the companies. Even before Thursday’s after-hours move, Google had a market value of $300 billion, already surpassing the $288 billion value of Berkshire Hathaway and swamping the $3.3 billion value of Seaboard.