Google Wows Wall Street
Shares of Google
Google's pro-forma earnings of $1.51 a share trounced $1.36 estimates, and net revenues (revenues after traffic acquisition costs) doubled from the year-ago quarter to $1.05 billion, well ahead of $943 million estimates. Google ended the quarter with $7.6 billion in cash, a healthy war chest for potential acquisitions.
The results were even more surprising because the company had taken steps to lower expectations during its second-quarter conference call.
Google shares soared nearly 9% in after-hours trading to $330, above the previous high of $321.28.
Google's numbers were a rare bright spot on a difficult day for investors, as stocks plunged on a dismal earnings report from Pfizer
The Nasdaq lost 23 to 2068, the S&P 500 fell 18 to 1177, and the Dow plunged 133 to 10,281. Volume declined to 2.62 billion shares on the NYSE, and 1.85 billion on the Nasdaq. Decliners led 24-8 on the NYSE, and 20-9 on the Nasdaq. Downside volume was 85% on the NYSE, and 71% on the Nasdaq. New highs-new lows were 45-159 on the NYSE, and 59-101 on the Nasdaq.
eBay
Nokia
Juniper
Form Factor
soared to a new all-time high late Thursday after the company's third-quarter earnings and sales crushed Wall Street estimates.
and fears of rising inflation and slowing economic growth. There were also reports of liquidation by bankrupt futures firm Refco.
fell 7% despite better than expected results, as investors focused on earnings guidance that was slightly below forecasts.
and QLogic
fell on mixed results and guidance.
climbed 3.7% after beating estimates, and Analog Devices
climbed 7% after raising guidance. Citrix
and Intersil
climbed 7% each on their results.
soared 17% on its results, and VeriSign
, Redback
and Satyam
climbed on solid results too.