Google Inc. (NASDAQ:GOOG) turns red after a fraudulent press release

  on Nov 27,2012 Posted in Business News ,Finance
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ICOA executive claims that Google Inc. (NASDAQ:GOOG) has not acquired wireless broadband provider ICOA Inc. Erwin Vahlsing, Jr., ICOA’s chief financial officer, sent an email that an online press release stating Google (GOOG) had taken control over ICOA for $400 million is not true. George Strouthopoulos, ICOA’s chief executive, said in a separate email that the company never had any talks with any possible buyers. published a press release yesterday claiming that Google had acquired ICOA for $400 million with an aim to further diversify its already impressive portfolio of companies. In an interview, Mr. Vahlsing first heard about the false press release from a company shareholder who sent an email to him. Soon after, he said he called and requested the Securities and Exchange Commission’s enforcement division to halt trading of ICOA’s stock.

With market capitalization of $217.25 billion, Google Inc (NASDAQ:GOOG) shares were trading within the range of $659.02-$667.00 while its opening price was $666.44. GOOG’s 5 years revenue rate remained 29.01% while its current ratio was 3.94 and debt to equity was 0.09. Its return on investment was 15.58%.

GOOG belongs to technology sector with industry of Internet Information Providers and its archrivals include Facebook (FB) and Yahoo! (YHOO). Let’s have a look over opponents’ performance.

Facebook Inc (NASDAQ:FB) surged 8.09% to $25.94 with the total traded volume of 123.86 million shares and Yahoo! Inc. (NASDAQ:YHOO) moved up 1.00% to $18.75 with the total traded volume of 34.04 million shares.

GOOG is ahead of its 52 weeks low with 18.80% and lagging behind from its 52 weeks high price with -14.62%. GOOG’s last month’s stock price volatility remained 1.73%. The stock price of GOOG is moving down from its 20 days moving average with -1.15% and remote negatively from 50 days moving average with -6.62%.

GOOG’s current year earnings per share got a lift of 13.10% while its current quarter performance stayed at -2.31%. Company’s beta coefficient included 1.08. Beta factor calculates the amount of market risk linked with market trade.



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