Midday Nasdaq Falls on Google's Earnings Miss

By Jonah Loeb  OCT 18, 2012 3:05 PM

Also, eBay continues its post-makeover upward climb.

 


MINYANVILLE ORIGINAL The Nasdaq Composite Index (INDEXNASDAQ:.IXIC) fell 1.18% as of 2:35 p.m. EDT today, dropping 36.68 points to 3,067.45 as Google’s (NASDAQ:GOOG) weak performance led a tech slump. Larry Page’s Internet giant fell 9.01% to $687.39 as the company missed its earnings estimates in an early report.
 
Sirius XM Radio (NASDAQ:SIRI) saw its stock rise 2.32% to $2.91 after resolving a broadcast spectrum dispute with AT&T (NYSE:T). Clearwire Corporation (NASDAQ:CLWR), on the other hand, fell a steep 8.85% to $2.05 per share as uncertainty grew over its potential acquisition by Sprint (NYSE:S).
 
Facebook (NASDAQ:FB) fell along with Google, dropping 4.16% to $19.05, just $1.50 above its lowest ever closing. eBay (NASDAQ:EBAY) continued its resurgence, rising 4.47% to $50.35 as its third-quarter results pointed to a significant turnaround.
 
Finally, Lam Research (NASDAQ:LRCX) provided some gains outside the tech sector, rising 7.38% to $36.06 on high volume as its earnings beat estimates handily.
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