Shares of Google
have taken a break in recent days for the first time in more than two months amid worries about second-quarter results.
The stock has corrected 7% since stopping just short of $300 last week amid reports of softness in search keyword pricing.
On Tuesday, Google slipped another 1.6% after Susquehanna Financial Group lowered its second-quarter earnings and revenue estimates on the company because of seasonal slowness in travel and financial services. At $1.29 a share, however, Susquehanna’s second-quarter earnings are still a dime above the consensus estimate, and the firm remains positive on Google long-term.
Still, in the high-flying world of Google, those concerns are good for a 7% correction.
Stocks posted small gains Tuesday after a tame wholesale inflation report was tempered by a larger than expected drop in retail sales.
The Nasdaq gained a fraction to 2069, the S&P climbed 3 to 1203, and the Dow rose 25 to 10,547. Volume rose to 1.72 billion shares on the NYSE, but declined to 1.45 billion on the Nasdaq. Advancers led 20-11 on the NYSE, and 17-12 on the Nasdaq. Upside volume was 64% on the NYSE, and 45% on the Nasdaq. New highs-new lows were 206-29 on the NYSE, and 109-30 on the Nasdaq.
jumped 11% on a Raymond James upgrade.
fell 8.6% on a Piper Jaffray downgrade.
lost 3.7% on the departure of its CFO.