Google Stock Falls on Outlook - Analyst
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NEW YORK/CHICAGO  - Shares of Google Inc. fell  almost 9 percent on Friday after an analyst forecast a sharp  drop in the price over the next 12 months as the Internet  search company grows more slowly.
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(InfoWorld) - Despite a drop in Google Inc. share price after its Wednesday earnings announcement, investor confidence in the IT sector appears to be high as earnings season winds down. Google's announcement came in the wake of strong results by its online rivals but as usual it outshone them -- at least, in the eyes of analysts. The company reported net income of US$997 million, or $3.18 per share, for the quarter ending in December. Analysts polled by Thomson Financial had forecast $2.92 per share. Several major brokerages including Goldman Sachs Group Inc., Merrill Lynch & Co. Inc. and RBC Capital Markets Inc. raised their already-high share-price forecasts on the company. Company shares plunged however, dropping $19.75 to close at $481.75 Thursday. Analysts shrugged this off, ascribing the decline to unusually high expectations for the company. While the company dominates online ad sales, the tremendous amounts of cash it is burning in R&D and acquisitions -- mainly its $1.65 billion acquisition of YouTube Inc., announced in October, may have investors nervous, analysts pointed out. "Google continues to invest for the long term, and while that may temper results in the near term, we believe it is the right thing to do for the business" wrote UBS analyst Benjamin Schachter in a research note. Dell Inc. shares dropped Thursday after its late-Wednesday announcement that Michael Dell would be taking back the CEO reins from Kevin Rollins, who had been in that role for two and a half years. The company also announced that it now expects its fourth quarter fiscal year 2007 results to be below the average of Thomson Financial estimates for both revenue and earnings per share. Dell has been hit with a hardware price squeeze and has lost its edge as rivals such as Hewlett-Packard Co. have matched or bettered the company's logistics and supply-chain management techniques. Earlier this month, IDC reported that Dell's shipments in the U.S., more than 50 percent of Dell's sales, were down 17 percent for the year as HP overtook the company as the world's leading PC supplier. Dell shares dropped by $0.42 to close at $23.80 Thursday. Despite the concerns about Dell and Google, investor confidence in IT remains high. Though a few major IT vendors, such as Cisco Systems Inc., have yet to announce quarterly earnings, strong results from eBay Inc., Sun Microsystems Inc., Yahoo Inc., and EMC Corp. over the past few weeks suggest that several sectors within the wider IT market will enjoy at least moderate growth this year. The tech-heavy Nasdaq, which slumped earlier this month on warnings from chip makers and a few software vendors, has been rising lately, and Thursday gained 4.45 points to close at 2468.38. Â
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Google Inc  on Thursday reported a disappointing quarterly profit and aggressive spending plans to support a widening range of Web services, unnerving investors who sent its shares down 8 percent.
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The Nasdaq extended the day's declines, sliding 2 percent as investors sold Google Inc.  after  Barron's newspaper said the stock was overvalued in a report published over the weekend.
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Google Inc., the Web search engine, on Wednesday slashed the price range on its eagerly awaited initial public offering to between &#36;85 and &#36;95 per share from &#36;108 to &#36;135 per share.
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Shares of Google Inc. GOOG.O  fell 6.67 percent on Tuesday, as selling restrictions were  lifted on 39 million shares held by employees and early  investors in the newly public Web search company.
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U.S. stocks slid on Monday, with the Nasdaq losing nearly 2 percent, amid concern about Google Inc.'s  valuation and doubts about holiday spending after a disappointing sales estimate from Wal-Mart Stores Inc. .
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Wall Street stocks were weaker at midmorning on Friday after disappointing earnings from Google (NASDAQ:GOOG) and Caterpillar (NYSE:CAT) and renewed jitters over US mortgage and credit markets.
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NEW YORK Falling profit forecasts from Google and Applied Materials sent technology stocks falling Tuesday while a US government report on another drop in unemployment claims help buoy other markets.
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SAN JOSE, Calif. (CP) - Google Inc. says its initial public shares are priced at $85 each, at the low end of the Internet search giant&#39;s downgraded estimates.
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U.S. stocks are seen lower at the  market's open on Wednesday after crude oil pushed to a fresh  high overnight and Google Inc. slashed its initial public  offering price, which appeared to dampen investor sentiment.
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Wall Street looked set to end the week on a weak note on Friday, with technology shares likely to fall after disappointing results from Microsoft Corp.  and Google Inc.
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U.S. stocks slid on Thursday, ending four days of gains as oil prices continued their march higher, but Google Inc. (GOOG.O) created a buzz as shares of the Internet search company surged on their debut.
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Despite strong profit growth, shares in Google are down sharply as investors reacted badly to its latest results.
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In a sign that Google Inc.&#39;s initial public offering isn&#39;t as popular as expected, the Internet search giant lowered its estimated price range to between $85 and $95 per share, down from its earlier prediction of $108 and $135 per share.
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U.S. stocks slid on Monday, with the Nasdaq losing more than 2 percent, amid concern about Google Inc.'s  valuation and doubts about holiday spending after a disappointing sales estimate from Wal-Mart Stores Inc. .
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U.S. stocks cut gains on Thursday, sending the Nasdaq into negative territory, as a drop in shares of Web search company Google Inc.  overshadowed optimism about corporate profits.