Google Wears the Garlands
Thursday's late surge stood in stark contrast to the reaction Google garnered in July with its second-quarter report, which spooked Wall Street with talk of a seasonal slowdown in the fall. Google's late advance put it back above $320 for the first time in a month.
"Clearly, in hindsight it looks like it was a boilerplate cautionary statement that they were making," Chervitz said, referring to July's seasonality comment. "It makes sense that some investors and analysts were wondering how serious to take the statement."
Earlier this week, archrival Yahoo! beat analysts' third-quarter profit expectations and reaffirmed its fourth-quarter guidance. But eBay (EBAY) shares tumbled Thursday after investors turned on the world's largest Internet auction site over its weaker-than-expected guidance.
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