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Google Joins IBM in the Winners' Circle: eBay, Nokia on the Outs
Posted Apr 17, 2008 04:12pm EDT by Aaron Task in Investing, Electronics, Internet, Information Technology
Overall it was a fairly quiet session for major averages, although Merrill Lynch jumped 3.7% after its $6.5 billion write-down proved less awful than feared and traders overlooked its wider-than-expected loss.
With financials back in favor (for the moment) and the "credit crunch is ending" chatter continuing (ditto), the tech sector underperformed again -- thanks largely to the spillover effect of Nokia's forecast that the mobile device market will decline in value in 2008 (in Euros).
Given the sector's struggles, maybe IBM really is living in a bubble. Big Blue was able to shake off niggling concerns about its services unit growth; its stock gaining 2.4% and hitting a new multi-year high.
eBay, conversely, was not able to overcome concerns about the numbers behind the numbers. eBay shares slipped 3.2%, suggesting expectations had indeed risen too high coming into the quarter.
Expectations were low for Google's results, on the other hand. After the close, the search giant reported first-quarter results that look very strong on first glance: non-GAAP earnings of $4.84 per share and revenue of $5.19 billion far exceed the consensus forecasts of $4.52 EPS and $3.6 billion.
Among smaller names on the move during the regular session, Altera jumped 9.8% after reporting strong earnings and raised guidance while SunPower slumped 13.1% after Cypress Semiconductor received an IRS ruling that could pave the way for a spinoff of SunPower before the previously planned November 2009.
Cypress owns 44.5 million shares of SunPower, whose CEO Tom Werner told Tech Ticker in February that a spinoff would "unleash shareholder value" and shouldn't be viewed negatively.
Obviously that message didn't get across; the only thing unleashed today was shareholder fury.
8 Comments
- Thursday April 17, 2008 04:49PM EDT
Am hoping that people will realize that the best thing to do in this economy is to be patient and not panic or it will make things worse!
- Thursday April 17, 2008 04:59PM EDT
company like Nokia made +25% in EPS, and was hit down 30% from top EUR28... others felt 50%, but write off 50% of their capital... idiots trading with big accounts
- Thursday April 17, 2008 05:18PM EDT
I believe eBay is showing the signs of a mature company, its most dynamic growth a thing of the past. It is still a cash cow, but I expct earnings growth to be flatter in the future.
- Thursday April 17, 2008 07:03PM EDT
E-BAY IS UP BIG THESE IDIOTS WHO WRITE FOR YAHOO ARE A BUNCH OF MORONS WHO TRY TO MANIPULATE THE STOCKS THEY ARE PAID TO TOUT.
Yahoo! Finance User - Thursday April 17, 2008 07:55PM EDT
Nokia is buying Rimm soon better pick this one up on the ground floor before it leaves the station.
Yahoo! Finance User - Friday April 18, 2008 09:14AM EDT
As a buyer & seller on eBay for the past 5 years, I would have to believe things are heading for a down swing. Many unhappy sellers. Fees are high. People sell things higher on eBay than in their own store or web site too. Lots of complaints out in the eBay discussion rooms. I would rather be short than long eBay. Company is very slow to respond to problems. Usually they just put their heads in the sand and pretend problems do not exist, or explain them away, rather than deal with real issues.
- Friday April 18, 2008 09:53AM EDT
I agreed whit hetyessy. They sad that next quartal will be better also.
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- Thursday April 17, 2008 04:32PM EDT
he he he