Quick Hits: Google: The Ultimate Contrarian Play
Brief scrutiny of today's headlines.
Investors had been fretting a sluggish economy would gnaw at the search giant's profits. Consecutive months of ComScore's online click data showed a drop-off in attention to Google's ads. But the company's results proved these fears unfounded. Analysts cited the focus on international growth as a primary driver of Google's strong quarter, as overseas sales accounted for 51% of its total revenue.
Google is the ultimate bandwagon stock. Right before its shares peaked last fall, analysts were tossing out price targets of almost $1000 per share. Meanwhile, as the stock was bottoming this March, many were sure the end was near. It looks like the only easy trade on Google is to ignore anyone claiming to be an expert on the stock.
For more on Google's battle with Microsoft (MSFT), check out Hoofy and Boo's always astute analysis:
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