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Rediscovering Google (NASDAQ:GOOG)

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The hot young names are in the doghouse, but an old reliable is back in Wall Street's favor.

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MINYANVILLE ORIGINAL Google (NASDAQ:GOOG) surpassed its all-time high stock price on Monday, reaching $748.90 in intra-day trading before closing up 2% on a generally down day for tech stocks. Or, to put it less prettily, Google stock has been in the dumper for five long years, and it has finally crawled back out. It is trading at heights it hasn't hit since November 2007.

What happened? Not much, actually. Google has just been chugging along, printing the money it earns through its still-dominant 67% share of the Internet search market. Along the way, it has insured its future in a mobile Internet world through its Android mobile operating system, which now boasts a 68% share of the smart phone market.

It has certainly had its misses along the way. Google+, the company's latest attempt at a social site, is a mild success at best. Google Shopping, which never worked, seems to be getting worse with tinkering.

But, hey, Google overall is a very solid business, with a good growth story ahead. And that's more than most anyone can say for the newer, younger businesses in its space like Groupon (NYSE:GRPN), Zynga (NASDAQ:ZNGA), and above all, Facebook (NASDAQ:FB).

In fact, Google's rise is directly related to Facebook's fall from grace. Only a few months ago, Facebook appeared to many to represent a real threat to Google's place at the center of Web activity. At the very least, they expected Facebook to come up with search functionality that Google hadn't thought of.
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No positions in stocks mentioned.
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