Google continues hot streak
Google shares closed up 1.7% on Wednesday at an all-time closing high of $625.39, marking the third straight day of gains since the stock breached the $600 level Monday. Merrill Lynch analyst Justin Post upped his target price Wednesday from $590 to $740, Wall Street’s highest target for the stock, according to Thomson Financial. Shares of Google are up more than 35% this year.
Time calls for court review
Time Warner’s Time magazine said Wednesday that it will ask Indonesia’s top court to review a ruling that ordered the magazine to pay $106 million after saying it defamed former Indonesian dictator Suharto. Time had run a cover story in its Asian edition in May 1999 saying that the family of Suharto had amassed billions of dollars during his 32-year rule. Time had won two previous court challenges to the story, but last month the country’s Supreme Court reversed those rulings and ordered the magazine to pay damages and apologize.