BUSINESS BRIEFS
Google shares hit new peak of $707
Associated Press
Google Inc.'s stock price barreled through $700 for the first time yesterday, propelled by a belief that the Internet search leader will become even more profitable as it plants its products and services in new markets.
The Mountain View-based company's shares gained $12.23 to finish at a new peak of $707. It took less than a month for the stock to leap from $600 to $700, building upon a fervor that has lifted Google's market value by 34 percent since mid-September.
Through the first 10 months of this year, Google's stock has risen by 54 percent from 2006's closing price of $460.48.
BOYD GAMING SEES PROFIT RISE
Boyd Gaming Corp., operator of Downtown Las Vegas casinos popular with Hawai'i residents, said yesterday it swung to a third-quarter profit, as a hefty charge on the sale of its South Coast Hotel and Casino hurt year-ago results.
The Las Vegas-based casino company reported a profit of $31.8 million, or 36 cents per share, compared with a loss of $12.9 million, or 15 cents per share, in the previous year. Quarterly revenue fell to $490.1 million, down 8 percent from $530.7 million in the prior year.
The company said current period revenue results were hurt by the closing of the Stardust hotel-casino in November 2006.
ECONOMY GROWS AT BRISK 3.9% PACE
The economy picked up speed in the summer, growing at a brisk 3.9 percent pace, the fastest in 1 1/2 years and an impressive performance even as a credit crunch plunged the housing market deeper into turmoil.
The latest snapshot of the country's economic health, released by the Commerce Department yesterday, suggested the economy is proving resilient and holding up well despite strains in the housing and credit markets.
A second report showed construction spending rose 0.3 percent in September, the best showing in four months.
