RealTime IT News

Google Leads Market Plunge

Disappointing earnings reports from Google and Caterpillar sent stocks plunging on Friday.

Google shares tumbled 5% on a rare earnings miss, while a huge earnings disappointment from Caterpillar punished its shares by 4% and shaved 30 points off the Dow.

Microsoft slipped 1% despite an earnings report that met expectations, and AMD slipped 2% on mixed results.

The result was a 1% loss across the board for the major indexes just a day after the Dow and S&P 500 set historic highs.

Ericsson , Xilinx , Polycom , Cybersource and Packeteer also lost ground on their quarterly report cards.

Apple was a rare standout, gaining 3% on a Piper Jaffray $205 price target.

PMC-Sierra , Seagate , SanDisk and Spansion rose on their quarterly results.

The Nasdaq lost 32 to 2687, the S&P 500 fell 19 to 1534, and the Dow tumbled 149 to 13,851. Volume rose to 3.69 billion shares on the NYSE, and 2.39 billion on the Nasdaq. Declining issues led by a 24-7 margin on the NYSE, and 22-8 on the Nasdaq. Downside volume was 87% on the NYSE, and 78% on the Nasdaq. New highs-new lows were 125-159 on the NYSE, and 103-209 on the Nasdaq.