Google (GOOG) reported blockbuster earnings that blew past Wall Street's expectations.
Shares of Google jumped $89.87, or 20%, to $539.41 after the company solidly beat Street estimates for the first quarter and laid to rest fears that an economic slowdown could take a toll on its results. Google's net income for the quarter grew to $1.31 billion, or $4.12 a share, from $1 billion, or $3.18 a share, the year before. Adjusted for certain items, Google earned $4.84 a share, beating analysts' expectations of $4.52 a share. Revenue climbed 42% from a year ago to $5.19 billion.
Online closeout retailer Overstock.com (OSTK) jumped 31.2% to $18.37. The Salt Lake City firm narrowed its first-quarter loss to $3.9 million, or 17 cents a share, from $21.4 million, or 91 cents a share, a year ago. Analysts polled by Thomson Financial were looking for an EPS loss of 32 cents.
Meanwhile, shares of SiRF Technology (SIRF), a San Jose, Calif., maker of GPS technology, surged 15.4% to $6.31 on news that the company's CEO, Michael Canning, resigned effective immediately. SiRF founder and Chairman Diosado Banatao will serve as interim replacement. ...
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