Google tops Exxon as world's second-most valuable company - for a day
By Catholic Online (NEWS CONSORTIUM)
2/9/2014 (3 years ago)
Catholic Online (www.catholic.org)
It was quite a day on Wall Street. Google, the world's largest online advertiser through its dominant search engine, had a higher market capitalization before falling back at the close in New York to a value of $395.4 billion compared to Exxon's $395.7 billion. Apple had a market value of $463.5 billion and software company Microsoft Corp. is No. 4 with $303.5 billion.
The one day-surge demonstrated the growing role of technology in the economy.
LOS ANGELES, CA (Catholic Online) - The one day-surge demonstrated the growing role of technology in the economy.
Technology companies have begun to disrupt industries from retail to finance for market domination. Google, which went public in 2004, 84 years after Exxon has definitely benefited from consumers moving to online services and content. The growing popularity of Smartphone's and tablets is being cited as the chief reason behind this trend.
"It's the sign of the times," Fadel Gheit, an analyst at Oppenheimer & Co. in New York says. "Out with the old and in with the new."
The world's largest oil producer by market value, Exxon has been under pressure since it reported fourth-quarter output declined last month. Net income fell 16 percent to $8.35 billion, or $1.91 a share. Sales dropped 3.3 percent to $110.86 billion. Global output for the Irving, Texas-based company dropped for the ninth time in 10 quarters.
Oil companies BP Plc and Royal Dutch Shell Plc also reported lower quarterly earnings compared with 2012 as the world's biggest oil companies face rising drilling costs, slumping refining profits and stagnate fuel prices.
Story: Get Ready for a Wild Week on Wall Street
Google reported last month that revenue, excluding sales passed on to partners, rose 11 percent to $13.6 billion, topping projections of $13.4 billion, amid a busy holiday shopping season. Google showed remarkable growth in its fourth quarter.
Shares of Exxon rose less than one percent to $90.58 at the close in New York and have fallen 10 percent this year. Google shares climbed 1.5 percent today to $1,177.44 and are up 5.1 percent this year.
"Google's market cap reflects investor recognition of the growing strength of its digital platform, which is growing leaps and bounds," Frank Gillett, an analyst with Forrester Research Inc., said in an e-mail.
Copyright 2018 - Distributed by THE CALIFORNIA NETWORK
Pope Francis Prayer Intentions for JANUARY 2018
Religious Minorities in Asia. That Christians, and other religious minorities in Asian countries, may be able to practise their faith in full freedom.
Jobless claims historic low! - Why workers are getting raises this year, thanks to President Trump Watch
Say what you will about President Trump, but American workers are starting to "win" under his administration. Jobless claims have reached a ... continue reading
Early reports from the retail sector show that sales between November 1 and Christmas Eve were up 4.9 percent over last year. Workers ... continue reading
President Trump has signed his tax reform bill, aimed at providing tax cuts for most Americans as well as simulating job growth. President ... continue reading
Is now the time to sell on Wall Street? Stocks are on a bubble, according to multiple analysis and expert opinions. Fundamental market ... continue reading
The economy is about to go into recession according to several Wall Street firms. They are warning investors to prepare for an end to the ... continue reading
by Catholic Online
- Daily Readings for Thursday, January 18, 2018
- St. Volusian: Saint of the Day for Thursday, January 18, 2018
- Daily Reading for Saturday, January 20th, 2018 HD Video
- Why are the youth leaving the Church?
- Jobless claims historic low! - Why workers are getting raises this ...
- Pope Francis: Faith is an adventure!
- Jobless claims are down - what does that mean for workers? HD Video
- Daily Reading for Friday, January 19th, 2018 HD
- North and South Korea agree to march together at the Olympics with first ever joint team HD
- CDC: Swine flu joining killer influenza outbreak, expected to become more severe HD
- Daily Reading for Thursday, January 18th, 2018 HD
Learn about Catholic world
Inform - Inspire - Ignite
Catholic Online Saints
Your saints explained
Catholic Online Prayers
Prayers for every need
Catholic Online Bible
Complete bible online
Catholic Online News
Your news Catholic eye
Today's bible reading
Products and services we offer
Catholic Online Shopping
Catholic medals, gifts & books
The California Network
Inspiring streaming service
Learn the Catholic way