Here’s How Google Ended the Week on a High
Google (NASDAQ:GOOG) temporarily hit a new all-time high on Friday.
Shares briefly touched $775.17 before retreating slightly; they jumped up more than 2.5 percent on the news that the technology company is close to reaching a settlement with European Union regulators after a three-year long investigation.
Like the United States’ Federal Trade Commission, regulators in Europe have been concerned that the company has abused its dominant position in the search market by giving results from its own services, like maps or restaurant reviews, artificially high rankings. The Federal Trade Commission addressed its antitrust concerns at the beginning of this month, agreeing to a settlement that required Google to license patents and stop giving preferential treatment to its own services in search results.
Google submitted a proposal to address this issue on January 31. While antitrust laws are stricter in the EU than in the United States, it is likely that the company will not have to pay a fine. The European Commission, the executive body of the EU, is still reviewing the plan, but if the voluntary concessions the company has suggested are similar to the ones it made in the United States, and if the commission accepts the proposal, Google’s search business will likely not be hurt.
The company’s stock edged just above its October peak of $774.38, which came just before shares plummeted due to a disappointing third-quarter earnings report. But recently shares have been pushing upward; the company has continued to activate a million Android devices each day and kept its position as the dominant search engine despite increased competition from Microsoft’s (NASDAQ:MSFT) Bing and Facebook’s (NASDAQ:FB) new social graph search.
This new high came 10 days after the company reported its fourth quarter results.
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