Monday, July 24, 2006

Google stock trades sideways despite standout results

CNET "Google put up another quarter of eye-popping growth in revenues, profits and market share gains, but the stock traded sideways on Friday as the results contained few surprises to drive shares higher.
The Web search leader said Thursday that second-quarter net profit more than doubled, aided by a lower tax rate and a shift toward in-house advertising rather than through partners, as revenue grew 77 percent, in line with Wall Street forecasts.
In the absence of new reasons to pound the table on behalf of the stock, bullish Google analysts mostly rehearsed their arguments for why Google stock could still hit $450, $500 and even $600 over the next 12-months. "

No comments: