(NEW YORK) — Shares of Google passed a milestone of $800 Tuesday morning, the morning after a report of possible Google retail stores in the works.
Google stock rose to $803 at 10:15 a.m. EST. It reached $803.58 earlier on Tuesday, the first day of trading after the long Presidents’ Day weekend.
The technology company, based in Mountain View, Calif., reached $700 a share more than five years ago.
Late Monday night, the Wall Street Journal reported that Google Inc. had plans to launch retail stores to display its consumer electronics products in direct competition with Apple Inc.’s widely popular Apple stores. The newspaper cited people familiar with the matter.
Apple has about 400 stores in 14 countries. Tech competitor Microsoft has 64 stores, including 31 permanent retail locations plus 33 pop-up locations.
Google’s smartphones with its Android operating system are currently sold on its Google Play website, through cellphone carriers and retail stores like Best Buy.
Last year, Google introduced its first Nexus tablet with the Nexus 7 and affordable Chromebook laptops. Months later, it introduced its second, the Nexus 10. It has already released a few versions of an affordable Chromebook laptop built by Samsung.
Google trades at about 20 times its 2013 earnings estimates, versus rival Apple, which trades at 10 times this year’s profit estimates.
Copyright 2013 ABC News Radio
Nate Eaton, EastIdahoNews.com