Propelled by strong quarterly earnings and rampant speculation (and coverage) about its mobile plans, Google stock earlier today crossed the $700 price target many Wall Street analysts had set for the company. It’s down slightly right now. Once Google provides more visibility about its mobile plans, investors could become more bullish or potentially be disappointed. However, it’s unlikely that any practical market impact would be felt immediately because there would likely be a lag between any mobile announcement and the actual product rollout.
As Silicon Alley Insider points out, in terms of market cap, Google is now the fifth largest company in the US. Only AT&T, Microsoft, GE, and ExxonMobil are bigger, in ascending order.