“To be concise, we just question whether everyone realizes how quickly GOOG has grown in terms of relative market capitalization, not only in the very short term (i.e. the past quarter), but keeping in mind that the company only debuted publicly less than ten years ago, in August of 2004. Thanks to the rally in the company’s stock price, GOOG has surpassed more established companies in terms of market cap with ease, such as Microsoft, Chevron (NYSE: CVX), Johnson & Johnson (NYSE: JNJ) and Wells Fargo (NYSE: WFC) to name a few,” said Weisbruch.

As has been the case with the meteoric rises in market value of some other technology companies, namely Apple, Google’s ascent has previously prompted speculation about membership in the Dow Jones Industrial Average. Although Google’s complex, long-delayed share split plans are now a go, Weisbruch says investors should not hold out hope Google finds its way into the Dow. [Dow’s Decline Shows Index Flaws]

“If GOOG were to say move 10% post earnings in either direction, we are talking a move greater than $113 per share, and its effects on a price weighted index such as the Dow would have such exaggerated effects on the index to begin with that, to many, the inclusion of the stock would eliminate if not severely limit the reason to index in the first place. So for now, we will be watching Tech specific, and GOOG heavy index ETFs in tandem with GOOG’s stratospheric stock movement, and leaving the Dow out of the discussion…perhaps forever,” added Weisbruch.

Even if Google was split two-for-one at $1,200 and entered the Dow at $600, the stock’s impact on the index and the SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) would be comical, dangerous or both.

SPDR Dow Jones Industrial Average ETF Top-10 Holdings

Chart Courtesy: State Street Global Advisors

Tom Lydon’s clients own shares of Apple, Google, Microsoft and QQQ.