Google Caps Stock Rally with Strong Earnings
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Google (NASDAQ: GOOG) reported better than expected quarterly earnings after the close on Thursday, capping a day that saw the major indexes hit multi-month highs.
Google's earnings of $5.16 a share were 23 cents better than expected, but the company's sales were slightly below forecasts, and company comments that advertisers are cautious restrained the stock in after-hours trading.
During the day, the Nasdaq hit its highest level since November, led by Microsoft (NASDAQ: MSFT), HP (NYSE: HPQ), Dell (NASDAQ: DELL), Brocade (NASDAQ: BRCD) and Research in Motion (NASDAQ: RIMM). The Dow and S&P hit two-month highs.
Nokia (NYSE: NOK) surged 11% on its results, as the company said it sees demand stabilizing.
Rosetta Stone (NYSE: RST) had the strongest IPO in a year, up 40%, and even Sun Microsystems (NASDAQ: JAVA) rose despite reports that IBM (NYSE: IBM) may no longer be interested in acquiring the company.
Fairchild Semi (NYSE: FCS) was up 10.7% on its results, and Gmarket (NASDAQ: GMKT) jumped 19% on a takeover offer from eBay (NASDAQ: EBAY).
The Nasdaq rose 43 to 1670, the S&P 500 gained 13 to 865, and the Dow climbed 95 to 8125. Volume rose to 7.73 billion shares on the NYSE, and 2.39 billion on the Nasdaq. Advancers led by a 29-8 margin on the NYSE, and 20-7 on the Nasdaq. Upside volume was 79% on the NYSE, and 86% on the Nasdaq. New highs-new lows were 16-69 on the NYSE, and 26-21 on the Nasdaq.