Friday, October 19, 2012

Google disappointed

The market fell Thursday as investors focused on the Q3 results -- particularly weaker-than-expected Google earnings that were released prematurely. Google fell 7% when trading resumed after being halted. After the market close, Microsoft said net income fell to 53 cents per share and fell 1% in after hours trading. Chipmaker AMD reported a net loss for the third quarter and said it plans to cut 15% of its workforce in the current quarter. Beyond earnings, a report on initial jobless claims showed that the number of Americans filing for first-time unemployment benefits jumped by 46,000 to 388,000 last week. Earlier, the Chinese government said economic growth slowed last quarter to its lowest level since early 2009.