U.S. Markets open in 3 hrs 34 mins

S&P Hits New All-Time High; Google Soars Double Digits Past $1,000 per Share

Dan Berman
Hot Stock Minute

The S&P ended the week at another all-time high. The index climbed further past the 1,700 mark on several better-than-expected earnings reports. The standout of the day was Google (GOOG) which rose more than 13% and burst past the $1,000 barrier to reach an all-time high. The spike came after more than a dozen analysts raised their price target on the stock. Those new targets came after the company released its earnings yesterday. The company beat on both the top and bottom lines with earnings of $10.74 a share versus estimates of $10.34. Revenues hit $14.89-billion, $100-million ahead of estimates.

POLL: Is now the time to buy or sell Google stock?

Google's climb coincided with smaller rises in other growth stocks. Facebook (FB) rose nearly 4% to hit a new all-time high above $54. Meanwhile, Amazon (AMZN) moved up almost 6% nearing its all-time high which it set at the beginning of the month.

GE (GE) and Morgan Stanley (MS) both moved higher today after reporting earnings ahead of the opening bell. GE beat on the bottom line with earnings of 36-cents a share versus expectations for 35-cents. However, it missed on revenue which came in at $35.7-billion compared to a consensus figure of $35.955-billion. As for Morgan Stanley, it beat on both earnings and revenues. Profits were 44-cents a share compared to estimates of 40-cents. Sales were $8.10-billion versus $7.70-billion.

Chipotle (CMG) soared double digits today to a new all-time high despite an earnings miss. The restaurant chain released its quarterly results yesterday afternoon. It reported profits of $2.66 versus expectations of $2.78. But sales topped the consensus at $827-million versus $820-million. Chipotle reported better same store sales than expected. It also hinted at price increases sometime next year.

Not every company is climbing on earnings. AMD (AMD) dove more than 13% despite beating estimates. The chipmaker made 4-cents a share for the quarter, twice what was expected. Sales also beat at $1.46-billion. AMD's problem: the company doesn't expect a giant boost in business from the new crop of gaming consoles about to hit the market. The drop could also reflect an excessive run-up so far this year. Shares had climbed 62% before today's fall.

Intuitive Surgical (ISRG) had been down more than 5% on its earnings, but then pared its losses. This is the maker of the Da Vinci robot used in operating rooms. The company says it sold 101 of the machines in the quarter, down almost 50% from a year ago. Intuitive did in fact miss revenue estimates with sales that fell under $500-million when estimates were for $526-million. Still it managed to sail past earnings estimates at $3.99 a share compared to $3.40. Even before ttoday's drop, Intuitive shares were down 20% this year.

Tell Us What You Think!

Post something in the comments section below.

You can also look us up on Twitter and Facebook.