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Google Seeks a Bounce Back Quarter


How has the Internet giant recouped from its first ever revenue drop?

Minyan Morning Memo

One to Watch: Google (GOOG) announces Q2 earnings today after the close. The Mountain View corporation is king of the hill in its domain, home to the Internet's most visited search engine and expected to report revenues of over $4 billion even in an ad recession. Anyone insightful - or lucky - enough to invest in its $85 IPO of August '04 has made serious bucks betting on the stock with a silly name. Culture critics may cringe when Google's most popular search requests invariably involve more inquiries about Paris Hilton than the Parthenon, but the ubiquity and indispensability of its products aren't up for debate.

The company's challenge now lies in the law of large numbers; last quarter saw its first ever sequential revenue drop as the 11 year old outfit approaches adolescence, always an awkward age. The shares won't revisit their all-time high of over $700 any time soon but should embryonic efforts to branch out beyond search find success, it'll still be a winner.

What Just Happened: Stocks surged amid encouraging earnings, though some skeptics see a pullback looming. And though last autumn's financial flameout already seems so yesterday, a blue ribbon panel will investigate it. Chaired appropriately enough by an ex treasurer of California, a state that knows all about red ink.

What's Happening: Asia ended up in the main and Europe is fairly flat. Solid JP Morgan (JPM) results should see U.S. equities experience a stand-up open, even as a business lender appears about to CIT (CIT) down and begin bankruptcy.

What Will Happen: In economics (or "comics", if I may employ cockney rhyming slang on my last day in London before heading home), weekly jobless claims are out at 8:30 AM Eastern and the Philly Fed Index is due ninety minutes later. Arguably the busiest day of earnings season sees releases from Biogen Idec (BIIB), Baxter (BAX), Nokia (NOK), Novartis (NVS), Marriott (MAR), Harley-Davidson (HOG) and IBM (IBM).

Happenstance: David Beckham graces us with a grudging return to America today. The Galaxy gave him a five year contract worth up to $250 million, or essentially more than the House of Morgan paid to buy Bear Stearns. In acquiring a rough diamond, Dimon's deal was surely the shrewder if the profit posted this morning is any indication.
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