It's front-page news on Yahoo! Finance this morning. Hot on the heels of the news that GOOG might jon the Nasdaq 100 and/or the S&P500 by the end of the year, it was announced that Google has filed with the S.E.C. to sell about 14.2-million new Class A shares, thus expanding its float and diluting its value. Google has not announced any impending acquisitions, and intends to use the cash for general corporate purposes. Bringing the total number of outstanding Class A shares to 191.1 million, the new offering amounts to an eight-percent dilution of the float. Investors do not like it when the float's value is diminished by creating extra supply, and GOOG dropped over four percent in this morning's pre-hours trading.
