Google records 1-day windfall of $65 Billion

Is Google the new Greece?  Newfound austerity?  Who knew austerity could be so wealth inducing?  PB
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From the Associated Press online:

Google's stock roared out of a long slumber Friday to produce the biggest shareholder windfall in U.S. history as investors rewarded the Internet company for promising to curb its spending on risky projects.

A 16 percent surge in Google's publicly traded stock translated into an additional $65.1 billion in shareholder wealth, on paper at least...

Google's gigantic run-up came after the Mountain View, California, company reported quarterly earnings that topped analyst estimates for the first time since late 2013. The company's inability to hit the targets that steer investors had raised doubts about Google that had caused its stock to lag the rest of the market since the end of 2013.

Investors were even more impressed with a message of newfound austerity delivered by Google's new chief financial officer, Ruth Porat. In prepared remarks and in responses to analyst questions posed in a late Thursday conference call, Porat repeatedly stressed that Google intends to control its costs more diligently.

The words placated investors who had become increasingly frustrated with Google's penchant for spending on projects that had little or nothing to do with its man business of Internet search and advertising - areas that the company has long dominated...
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Link: http://hosted.ap.org/dynamic/stories/U/US_GOOGLE_STOCK_SURGE?