Blow-out results from Google
were no help for stocks, which found themselves back on the defensive Friday after Thursday’s big gains.
Google rose 5.7% on the day after reporting a 477% jump in first quarter net income to $1.29 a share, a stunning 37 cents a share more than analysts were expecting. Revenues beat estimates and margins expanded too, as the company fired on all cylinders in the quarter.
But even for Google shareholders, the day was somewhat of a disappointment, as the stock gapped up to a new high of $224 a share before fading with the rest of the market, ending the day back below its old high of $216.80.
Also getting hit on the day were shares of Yahoo
, which lost nearly 3% after Google said it plans to go after Yahoo’s core branded advertising market.
The broader market fell on rising oil prices and reports of a possible nuclear test in North Korea.
The Nasdaq lost 30 to 1932, the S&P 500 gave back 7 to 1152, and the Dow fell 60 to 10,157. Volume declined to 2.05 billion shares on the NYSE, and 1.85 billion on the Nasdaq. Decliners led 19-12 on the NYSE, and 21-9 on the Nasdaq. Downside volume was 70% on the NYSE, and 80% on the Nasdaq. New highs-new lows were 24-113 on the NYSE, and 46-140 on the Nasdaq.
The Nasdaq Stock Market
soared 26% on plans to acquire Instinet
, stepping up its competition with the NYSE, which on Wednesday announced plans to buy Archipelago
and go public.
edged higher on yet another strong wireless earnings report, following strong earnings from Motorola
earlier this week.
rose on yet another offer from Qwest
, Freescale Semi
and Computer Programs
rose on their results.
, Creative Tech
, Harmonic Lightwave
fell on their quarterly report cards.