MOUNTAIN VIEW, CALIF. — Google Inc.’s stock price barreled through $700 for the first time Wednesday, 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.
Additional business news briefs:
Powder pileup at Keystone
BROOMFIELD — Keystone will open Friday, one week sooner than originally planned, thanks to more than 2 feet of new snow, Vail Resorts Inc. announced Wednesday.
The Keystone resort is the first of Vail Resorts’ locations to open. Other Vail Resorts open later in the month including Breckenridge on Nov. 9, Vail on Nov. 16 and Beaver Creek on Nov. 21.
Talk about green fuel
SAN RAMON, CALIF. — Chevron Corp. and the National Renewable Energy Laboratory in Golden announced Wednesday that they have reached an agreement to produce liquid fuels using algae.
Chevron and NREL scientists will collaborate to identify and develop algae strains that can be economically harvested and processed into finished transportation fuels, such as jet fuel.
Chevron Technology Ventures, a division of Chevron U.S.A. Inc., will fund the initiative.
Liberty buyback burgeons
DOUGLAS COUNTY — Liberty Media Corp. said it will buy back as much as $1 billion in additional Liberty Interactive tracking stock, bringing the total repurchases to $3 billion.
Through Tuesday, the company had spent $1.99 billion buying back 98.7 million shares, or about 14 percent of the amount that began trading in May 2006, Douglas County-based Liberty said Wednesday in a statement.
Ex-Adelphia digs snapped up
COUDERSPORT, PA. — The headquarters John Rigas built for Adelphia Communications Inc. as the cable television company he founded slid into bankruptcy drew a winning bid of $3.4 million after a three-week Internet auction.
The 72,056-square-foot, three-story office building boasts polished granite interiors and space for 2,000 employees and is worth $30 million, said LFC Group of Cos., which conducted the auction. Adelphia executives subsequently moved to Greenwood Village and the Coudersport building now stands empty.
Alcatel-Lucent cuts deeper
PARIS — Alcatel-Lucent SA, struggling since the deal that formed the company, disclosed plans Wednesday to slash another 4,000 jobs and shake up top management as the telecom equipment maker reported a third straight quarterly loss.
Alcatel-Lucent has about 400 employees in Douglas County focused on network management. Company spokesman Dick Muldoon said that it is currently unknown which locations or departments would be affected by the cuts.
Paler shade of green?
OAKLAND, CALIF. — The Clorox Co. is waxing green with its $925 million acquisition of eco-friendly personal care company Burt’s Bees, a move that sent Clorox stock up Wednesday despite a decline in quarterly profit.
