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GOOG- Investors Crying Over .03 Cents
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Investors slaughtered Google today because they missed their Net Income by 3 cents! GOOG reported a 58% increase in revenue and the street expects it to of QUADRUPLED its revs for the year. But missing your earnings is forbidden on wall-street no matter who you are. The stock opened at $548 wednesday and opened at $511 on thursday. Now a $47 drop seems ASTRONOMICAL, but if you divide GOOG by 10 and think of it like a $54.80, then it really only dropped $3.70. Really not much at all.
The reason for the earnings miss? Eric Schmit says it was becasue they hired faster than they had expected. Since no one knows what google is up too we can only speculate on the amazing things they are going to be launching and why they will need all of this fresh talent. If rapid growth and hiring too many of the most talented people in the world is a crime, then the market is fuxEd. At least they are keeping these people out of the hands of MSFT and YHOO.
I saw GOOG getting mAuled thursday night and picked up 10 shares in the after hours at $510. I dont normally like tying up over 5k but it is so cheap and I have wanted to own some GOOG for so long that now was the time. If you look at the chart, the trend is CLEARLY up and this seems like a good price to get in on the cheap. I might just dump it at $520 or so because there is a lot more money to be made elsewhere.
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