The biggest news after market is Google (GOOG). It was the most anticipated earning news from the market. The price of the stock is priced for perfection. Fortunately (GOOG) disappointed the street in a big way. It missed the estimate by a mile.
At 5:00 pm EST. It was down about 70 points. According to Reuters Estimates, Google's earnings, excluding one-time items, were $1.54 per share, below the consensus expectations of $1.77, according to Reuters Estimates.
There are quite a few well known people were pushing the stock higher before the earning. A well known person on TV is targeting a $1000 stock. Can you remember "Qualcomm" when it was moving higher like a rocketship few years ago. Business week even has an article about Google. Maybe that is how the top is formed for a stock.
Because of (GOOG) missed, many of the net stocks are down after market. Look for the market to come down short term because of Google. Because of the miss, (GOOG) is a sell. Good thing is that I sold my (GOOG) before the day is over.
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