Eric Schmidt, former Google CEO is planning to sell 2.4 Million shares of GOOG, a big reason why last night I put a sell order in for $615. That order executed 32 seconds after the market opened today.
Since this morning’s opening, Google is dropping.
The stock price has been sideways since August with major resistance points around $600. With no new products or innovations on the short term horizon, GOOG looks like dead money for awhile. I will revisit GOOG later this year, with a possible buy in the low $500 range.
More Bad News for Google:
Yesterday, Microsoft filed an EU competitiveness complaint against Motorola Mobility Inc. and Google, its future owner. The patents in question involve wireless access to the Internet and online video streaming and affects products like Microsoft’s laptops and Xbox games consoles.
Microsoft charges that Motorola’s high charges for the use of its patents are in breach of an industry agreement to make patents in industry standards available to all manufacturers at a minimum cost.