NEW YORK (TheStreet) -- Google (GOOGL) - Get Report (GOOG) - Get Report surged by double digits Friday following its earnings and setting a record along the way. Etsy (ETSY) - Get Report gained by nearly a third after Google noted the arts and crafts e-commerce platform company was seeing a traffic increase after it changed its algorithms. Facebook (FB) - Get Report jumped after testing a new e-commerce feature with small and medium sized businesses that allows users to directly shop on its site.
Google surged 16.3% to close at $699.62.
The Internet giant gained a record $60 billion in market cap, marking the largest one-day gain ever for a U.S. company, according to a Bloombergreport. A Greenwood Capital Associates chief investment officer told Bloomberg that "this is a pretty decisive breakout to the stock after it's been range-bound for while."
Google beat analysts' earnings estimates, posting an adjusted net profit of $6.99 a share on revenue of $17.73 billion, according to a Reutersreport. Analysts were expecting a profit of $6.70 a share on revenue of $17.75 billion. A copy of the transcript from the earnings call can be viewed here.
Meanwhile, analysts also upgraded Google and raised their price targets. Axiom upgraded the company to a buy from a hold, while Deutsche Bank increased the price target to $780 a share from $670. Piper Jaffray did likewise, hiking its price target to $723 from $631.
Etsy spiked 30.6% to finish the day at $21.98.
The e-commerce platform for artists and craftsmakers surged after Google made a comment during its own earnings call that it changed its algorithms to aid users in finding what they are looking for within third-party apps, according to a report in MarketWatch.
Google pointed to Etsy developers as already receiving a traffic boost because of Google's deep linking, the report noted.
Facebook jumped 4.5% to finish the session at $94.97.
The social networking giant got a boost after it confirmed it was testing an e-commerce feature on its site aimed at small to medium sized businesses. The feature is designed to allow these businesses to sell products through their own Facebook page or redirect them to their company Web site, according to a report in the Wall Street Journal.
Although retailers may view this move by Facebook as an additional revenue stream for their businesses, Facebook does not plan to take a portion of those sales, according to the Journal. The social networking company is hoping to attract more advertisers by offering this feature to small and medium sized companies, the report noted.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.