Diamonds and Dogs
Google (GOOG) is back as the diamond of the day. The search-engine giant added $65 billion to its market capitalization today, more than the size of Hewlett-Packard Co. The surge, following earnings that topped analyst estimates, is the biggest one-day gain in value ever for a U.S. company, according to data compiled by S&P Dow Jones Indices. Apple Inc. held the previous record, with a $46.4 billion surge in April 2012. After being in a tight range for a year, Google definitively made shareholders happy with its break out today.
Barrick Gold Corp (ABX) was the dog of the day down 5% tumbling to a 24-year low in Toronto, leading a rout among bullion miners, after a sell-off in the price of the metal. Barrick, the world's biggest gold producer, dropped as much as 6.5 percent to C$11.19 in Toronto, the lowest intraday price since May 1991. Goldcorp Inc., the biggest North American producer by market value, declined as much as 5.6 percent and Newmont Mining Corp., the largest U.S. producer, fell 3.4 percent in New York. It hasn't been a tough year for commodities and unfortunately it looks like it may get worse.