Goldman Sachs Takes Google Off “Conviction Buy” List
Sorry, Google fans, but from a financial perspective, the search giant seems to have lost some of its luster. Goldman Sachs hasn’t come close to suggesting that anyone sell their stock – and is in fact still recommending that people buy more – but at the same time, the firm has removed Google from its "Conviction Buy" list.
You can blame the nasty dive Google’s stock took following the company’s quarter one earnings report for this move; a drop from $595.30 at the closing bell to $563.00 at the opening one definitely counts as "underperformance," and Google’s stock has since fallen further to around $536.24.
What’s more, five-day, one-month, three-month, and six-month views of the stock’s performance all show losses.
Google’s stock is still up 38.92 percent if you look at it using April 28th, 2009 as a starting point, though.
Google’s stock is up this morning, too, by a not-unimpressive 0.87 percent.
By comparison, Microsoft is up 0.15 percent, Yahoo’s down 1.15 percent, the Dow’s down 0.14 percent, and the Nasdaq’s down 0.13 percent. Google’s shareholders don’t exactly need to go calling for anyone’s resignation just yet, then.