Shares of Google Corp. (Nasdaq: GOOG) soared to a record high Tuesday in pre-market trading on an optimistic outlook toward Google's third-quarter results with many analysts raising their price estimates to $700 a share.
Shares of Google are up 32 percent for the year and this morning's high of $615 is the seventh record in the past two weeks putting co-founders Larry Paige and Sergey Brin's personal stake in Google well over $17 billion each.
Since going public three years ago at $85 per share, Google's value has climbed to $187 billion; more than Coca Cola, IBM or retail giant, Wal-Mart Stores - a more than seven-fold increase.
Google is set to release its third-quarter results on October 18th.
Analysts on average are estimating that Google will report $3.75 per share in earnings, which is a 40 percent increase.
Buoyed by recent gains in search engine market share over rivals Yahoo! Corp (Nasdaq: YHOO) and Microsoft Corp.'s MSN (Nasdaq: MSFT), tech investors are showing their confidence in Google's stock at a time when other tech companies are reporting strong results.
Shares of Google were trading up $5.88, or nearly 1%, at $615.25 as of 8am EST Tuesday, a new 52-week hi.
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