Midday stock check: Google hits new high

Mountain View-based Google Inc. (GOOG) saw its stock hit a new high today as the Dow and S&P 500 hit all-time intra-day highs, according to a report from CNNMoney.com.

It was the fourth day of new highs for Google. Today’s hike followed an increase in the stock price target by several analysts. Google’s shares rose $11.71 to $636.76 in afternoon trading.

There was plenty of good news for other Bay Area companies this morning as well. Pleasanton’s Safeway Inc. (SWY) announcing that Q3 profit climbed 12 percent to match analysts' projections, following cuts in labor costs and spending on store improvements, according to CNNMoney.com. Safeway said it earned $194.6 million, or 44 cents per share, during the three months ended Sept. 8.

San Francisco’s Gap Inc. (GPS) promoted a new president for its Banana Republic brand, naming former interim president Jack Calhoun to the permanent position. Calhoun joined the company in 2003 as an executive VP.

Sun Microsystems Inc. (JAVA) saw the heaviest trading among the 50 Bay Area stocks tracked by The Examiner, with more than 77 million shares traded, followed by Intel Corp. (INTC) with more than 54 million shares traded.

Apple Inc.’s (AAPL) price had dropped more than 3 points, while San Mateo’s Franklin Resources Inc. (BEN) was up more than 4 points at $140.53.

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