Google soared Friday on its first earnings report as a publicly traded company, but the rest of the stock market was battered on weak results from Amazon.com
, Microsoft
and others.
Google soared 15% to $172.43 a share after the company beat earnings and revenue estimates. Shares of Google have now doubled from their $85 IPO price two months ago.
But that was where the good news ended.
Amazon.com plunged 12% after missing estimates and warning, and Microsoft
lost 3% after the company guided December revenue estimates lower.
Weak forecasts from Broadcom and Ericsson
also weighed on the market, along with another new high in oil prices.
The Nasdaq plunged 38 to 1915, the S&P 500 fell 10 to 1095, and the Dow dropped 107 to 9757, a new 52-week low for the blue chips. Volume declined to 1.47 billion shares on the NYSE, and 1.74 billion on the Nasdaq. Decliners led 20-11 on the NYSE, and 20-9 on the Nasdaq. Downside volume was 70% on the NYSE, and 78% on the Nasdaq. New highs-new lows were 126-45 on the NYSE, and 91-56 on the Nasdaq.
Google wasn’t the only company with well-received earnings. Overstock surged 12% on its results. Others gaining on earnings reports included KLA-Tencor
, Celestica
, Nextel
, Borland
, Hyperion
and Harmonic
.
Among the stocks falling on quarterly reports were PeopleSoft , Scientific Atlanta
, Microchip
, Emulex
, Xilinx
, TriQuint
and WebEx
.