BUSINESS
03/28/2008 02:46 am ET Updated May 25, 2011

Wall Street No Longer Gaga For Google

Remember when Wall Street was gaga over Google?

Despite its quirky approach to business, Google Inc. became a favorite among investors as the company best positioned to cash in on the digital media revolution. The Internet search giant's shares first hit the market at $85 in August 2004 and had risen nearly ninefold by late last year, turning Google into one of America's most valuable companies.

But since reaching a record $741.79 in November, Google's stock price has plunged 40%. The company, which only a few months ago could do no wrong, saw its stock slip $12.42, or nearly 3%, Tuesday to $444.60, its lowest point in nearly a year. The dive, which has wiped out more than $93 billion in shareholder wealth, reflects concerns that a slowdown in consumer spending could temper Google's stunning growth.

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