CNNMoney: Google sees its largest 1-day loss ever

Edited on Fri Jan-20-06 07:53 PM by DeepModem Mom


Yahoo! results, worries about Internet advertising market, U.S. search inquiry spark sell-off.
January 20, 2006


NEW YORK (CNNMoney.com) - Google stock posted its largest single-day loss ever Friday as investors showed concern about prospects for the Internet advertising market and the company's role in a Justice Department lawsuit about Internet searches.

Shares in Google sank $36.98 to $399.46 -- about 8.5 percent -- in heavy trading on Nasdaq. Volume of 31 million shares was nearly triple the normal daily average.

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The loss was the largest in both dollar and percentage terms. The shares previously lost 8.31 percent on Nov. 5, 2004. The previous record for dollar decline was $22.20 on Jan. 18, 2006.

Investors sent Yahoo tumbling Tuesday after the largest Internet media company surprised investors by posting earnings below expectations.

Google said Thursday it was resisting a Justice Department subpoena that the company turn over search records for a case regarding an anti-pornography law....

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