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Two Ways: Google's Good Quarter


Strengthen your portfolio in good times and bad.

Good Google Quarter

Stock futures are currently down due to misses from Bank of America (BAC) and General Electric (GE). But last night, Google (GOOG) reported solid results pushing its shares 3% higher in after-hours trading.

The Internet giant said its third-quarter advertising business picked up as marketers began spending again. Google earnings came in at $5.89 a share, $0.47 better than consensus estimates.

Revenues also picked up by 48% year-over-year to $4.4 billion vs. $4.24 billion consensus. Fifty-three percent of those revenues occurred outside of the US compared with 51% in the third quarter of 2008.

The company said while there's a lot of uncertainty over the pace of an economic recovery, it does believe the worst is behind it.

From the Bull Pen: Props to Professor Sean Udall's conviction in Google (mentioned on the Buzz yesterday). The next meaningful resistance is at 600. But sell stops are crucial (the standard 2% trailing stop may be prudent). In tech, also look to Palm (PALM). A sell stop can be set below 16 support.

From the Bear Cave: Have a look at the daily chart of Qualcomm (QCOM). Previous support at 44 is now overhead resistance. One can test the downside with a tight buy stop above if and when it reaches that level.

A Quick Check Around the World

Asian trading closed with the Nikkei 0.18%, India 0.74%, Hang Seng -0.31%, Shanghai -0.11%, and Taiwan 0.06%.

Across the pond, we see the FTSE 0.24%, CAC 0.15%, DAX 0.43%

As of 8:10 a.m. EST, S&P Futures are trading -4.75 to 1085.25 and Nasdaq futures are -6.000 to 1742.75.

A Look at Commodities

Over in commodities, crude oil is -0.46 to 77.62 while gold is -3.30 to 1047.30 this morning. Silver is -0.15 to 17.260 and copper -0.035 to 2.8225.

The dollar index is +0.2900 to 75.7450.

On the Radar


09:00 Net Long-Term TIC Flows
09:15 Capacity Utilization (69.7% cons)
09:15 Industrial Production (0.1% cons)
09:55 Michigan Sentiment- Prel (73.5 cons)

Happy Fat Friday! Good luck and have a great weekend!

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No positions in stocks mentioned.

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