Not that I'm complaining about a $32 spike, of course. It's just that this is old news, so why wasn't it already priced into the stock?

The speculation started more than a year ago, when Google was under $200 per share. After the lockups expired, Google would meet all the criteria for inclusion in the S&P 500 index, big institutions and pension funds would be required to buy and hold, and the price would soar.

Then in May 2005, Google shares jumped $14 on more rumors of getting added to the SPX. Buygoogle wondered at the time why the price would spike when it was already common knowledge that Google would be added sooner or later. Hadn't institutions already loaded up in anticipation?

In October, the stock took a month-long swoon after it again wasn't added to the luminous index.

Since it's been a matter of when, not if, why would the stock jump 9% on the news? Whatever happened to efficient markets?