That was crazy.  It was driven by heightened analyst targets (and non-analyst targets alike).

Yesterday morning, after the Dow fell 400 points in the first minute I commented to colleagues that Google had fallen almost 200 points since its peak at $750.  John Battelle made the observation last night.  Apple - another high-flying stock - has fallen too.  But you know what?  This is healthy.  In both cases, the companies’ respective values had shot up way too quickly to resemble anything logical.

In fact, all markets worldwide have taken a tumbling.

From a macro-perspective, I think you will see some bargain hunters come out soon (if they have not already).  These markets are driven by high-flying stocks… so I think what you are seeing is a long-overdue correction.

Whether or not Google or Apple will return to their lofty heights, however, I am not sure.  All throughout 2007, I said Google was getting ahead of itself… depending on how financial advertisers affect Google’s earnings report, Google remains vulnerable, but the broader market I think should stabilize overall in the upcoming weeks and months.