Biz Brief: Google Gives Up Another $13 a Share

Google (GOOG) dropped 2.7%, or another $13.20 a share, to close at $485.52 Monday, giving shares a loss of 22% on the year. The broader S&P 500 ($INX), by comparison, has lost 5.8% in 2010, while the tech-heavy Nasdaq Composite ($COMPX) if off 4.2%.

Even more ghastly, the world's dominant internet company is down 35% from its all-time closing high of nearly $742 set back on Nov. 6, 2007. The S&P 500 has lost 31% over the same time frame. In other words, the broader market has beaten Google by four percentage points since shares hit their record high.

If there's a sliver of a silver lining, Google looks extraordinarily cheap by at least one fundamental measure. With a forward price/earnings multiple of 15, shares offer a 50% to their own five-year average, according to data from Thomson Reuters.