Google Shares Scoot Past $700

High investor expectations for Google's wireless and social networking businesses to equal its online advertising success pushed the search giant’s share price past $700 yesterday, reports the Wall Street Journal. Google’s stock has gained more than $100 since Oct. 8, and it is now one of the five most valuable US companies.

Currently worth about $220 billion, Google is up 37% since Sept. 10, with shares trading at 56 times the company’s expected 2007 earnings of $15 billion. Investors remain bullish, despite a pending $1 billion lawsuit against its YouTube unit, believing there’s room for growth in Google’s core online advertising business. Q3 profit rose 46%. (More Google stories.)