GOOG Is QQQQ; Now On NASDAQ 100
Om Malik reports that it has been announced today that Google will join NASDAQ’s 100 listing, a compilation of the 100 largest nonfinancial stocks in the Nasdaq market.
The list, adjusted annually, is often used as a benchmark for the market’s overall performance as well as determining the companies included in an exchange-traded fund that is traded under the ticker symbol QQQQ.
In addition to Google, Nasdaq added 11 other companies to its 100 index including Nvidia Corp., the Santa Clara chipmaker; and Cadence Design Systems, a San Jose software company.
Since many people buy the QQQQ fund, or are more likely to hold onto a stock after it joins the NASD100 on the 19th, this should add some stability to Google stock. While the company could always tank (not that anyone expects that), this makes the stock that much stronger.
It also brings it one step closer to the S&P 500. Or, dare I say it, the DOW?
Horrors…
