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tv   Countdown to the Closing Bell  FOX Business  October 18, 2012 3:00pm-4:00pm EDT

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obligation which is to serve our valued customer. as you know, google taking a huge hit today, today's 9% plunge in google's stock has wiped out 22.27 billion dollars right off the market cap. taking it right off. we are continuing coverage for the entire hour leading up to the scheduled 4:30 p.m. conference call with the ceo larry page who hadn't been on the previous conference call last quarter due to some undisclosed health issue, but he's been out and about the past couple of days so he will be on that call. fox business will take it. what about the impact on the rest of the market? google having a huge impact, technology, the biggest gag -- biggest laggard, the s&p technology sector down. they are driving down individual names in search, yahoo! yelp, there's the chinese search engine baidu. all of them down anywhere from 1/2% to 3 1/2%. this was at 12:30 p.m. eastern on the dot when google's
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earnings release hit the tape and that did shock markets and investors, aside from the fact that they had missed estimates, it is what's going on here, why did this happen? let's get right to the floor show. traders at the new york stock exchange who were trading at that moment are joining us along with cme group, nymex traders. christopher, tell me exactly what you were doing when this hit the tape and what was the reaction? what did you think? >> i was keeping an eye on that as well. google certainly an impact right now, but down here, you don't really see it too bad. i mean it is down 29 points and it's flat all day. liz: right, let me interrupt you. what i asked was what was it like when it hit the tape? were you there? >> it was an emotional drop right here. i mean significant news to say the least was reported out of sequence, out f time. we will wait till 4:30 conference to make sense of it for now. the mood has changed. jobless claim as little bit higher than expected. mixed earnings reports right now. we're looking for tomorrow for
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ge. obviously the european sum submit is something we're -- summit is something we're listening to as well. we've got a lot of information to digest. liz: the breaking news is they have now issued the exact earnings and they are the same numbers, and that shows a pretty significant miss on both the top and bottom line. the stock is still halted. but what has spooked investors on this is the motorola mobility cut there. it was much bigger than expected loss which hadn't been telegraphed to the street. you are supposed to let the street know and warn that things aren't going to be as good, but on top of that, the losses are the first ever year over year decline in adjusted earnings for google since it went public, and that was back in 2004. so again, the numbers are out. the word is that the form, which is called an -- [inaudible] -- if you will forgive me for looking at my computer. it has been filed with the sec. the numbers are the same.
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google ceo larry page is making comments right now. let me tell you, he says quote revenue was up 45% year on year, and at just 14 years old for the company, quote, we cleared our first 14 billion revenue quarter. putting a positive spin on this, and i don't mean to use the word spin in any negative or positive way, but again the issue was with motorola mobility, and the stock, basically what you saw there was a 527 million loss from the motorola mobility portion. remember they had just recently bought this, mostly for the patents because the word was they wanted to get into hardware. they've had huge success with their android phone software, and everybody has made the hardware, but google is probably thinking why can't we cash in on the hardware instead? we're just cashing in on the software. hundreds of thousands of android phones being bought and sold every single day. they were hoping that motorola mobility would get to them. let's go back to the floor show. kevin at the chicago merc, was it any different where you were? >> certainly emotional driven
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sell off. a lot of momentum behind it. i think you saw a little bit of push in treasuries right around the time of the release. i think it goes to show that we have to step back and take a look at the health of the overall economy. we've got some mixed macro economic data this morning. we saw treasuries rallying a little bit off of the three-day sell-off. this just calls into question what we thought was really a particular point of strength in the economy and that was on-line advertising and the tech sector in general that had really kind of weathered the storm. we need to step back and take a look and see what this actually tells us about the strength of the economy. liz: yeah, strength of the the economy, remember, we don't want google to scare off the whole market. you know, you started to see some decent earnings, somewhat weak earnings. the word is that google stock will re -- will reopen, will start to trade once again, because it is halted, at 3:30 p.m. -- 3:20 rather? 3:20. so we will get that the second it happens. but remember it had dropped 9%, 9%, and then it was halted
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because of this inadvertent release, and then the word is pretty much that the numbers that were inadvertently released are the real numbers. that shows a loss on both the top and bottom line. i don't want to ignore the nymex here. let's take a quick look at what's happening there. john woods looking at pretty much a session of -- we are looking at crude. >> we're looking at a technical market. you know, we got down below $89, you pop up, you see a lot of profit taking, above 93 1/2 to 94 dollars so it's -- you know, barring any kind of news, you know this is what we're dealing with right now. liz: gentlemen, thank you very much for joining us. so 14 minutes away from google reopening after plummeting, biggest drop in many many years for this stock. what do stock pickers and fund managers think of this? do they look at this and say now i'm staying away or now this
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thing on sale? many people have been waiting, maybe you perhaps, for an entry point to the stock, are you too spooked or should you dive in and buy google? let's bring in -- who do we have? i have tyler here. rick summer is on the phone with us. he's an analyst -- sorry one second. i'm being told÷ we're getting rick back on the phone. let me get to tyler, chief investment officer at biltmore capital advisors. google, buy, sell hold right now? >> i think you have to buy it. these opportunities don't come across all that often. this was a sort of investment relations nightmare. when you have bad news, generally the ceo, you do it after market hours. the ceo talks about it. they put positive news about it. i mean, if you look into the details, growth was good. revenue ex motorola was actually up 19%. their clicks are growing at twice the amount as they were growing last year. so any growth company, they go through this and historically when google has pulled back,
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it's been a great opportunity to buy. liz: it is so hypocritical in a way, it was just -- i want to say two weeks ago, a week and a half ago where everybody says apple was yesterday, google is now the stock. >> somebody bought that yesterday. a lot of people bought it yesterday. probably 30 million shares were traded or more. so it's -- anyway, again, not too much has changed. this is certainly some news. they should clear it up at 4:00. so i would be a buyer on this pullback as long as it opens lower where it is trading right now. liz: do you like internet and tech stocks on balance? have to be fairly choosey of u what you are doing and make sure you are going to the right area. at the end of the day, our country, our world is more and more demanding of tech, companies are getting more and more automated. they are demanding more tech, and this is a wave that will continue. liz: we have tte ceo of xilinx coming up in this hour. it is a genius company where they make pretty much blank slate chips that you can program to do whatever you want and then erase them and reprogram them. >> everybody likes that.
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liz: who doesn't like that, but yet both this company and intel saying macro economic conditions are very tough. do you look at that as a time to purchase something that is on sale right now, a good company going through a bad time? >> sure, i think a company like intel, i mean this is a great contrarian story. everybody is talking about slowdowns in pc market, but if you look at where, for example, intel's trading, it's less than a 10 p-e, dividend oaf over 4%. -- dividend of over 4%. getting paid a lot of money to wait. in our opinion it is a great time to buy. liz: rick summers senior equity analyst at morningstar. rick, first of all, what happens when this stock opens in 11 minutes? >> yeah, it will be interesting, i mean there's a whole slew of issues, one of which has not been addressed yet. you know, we have a little bit more tepid revenue growth, obviously have disappointment over motorola mobility. one of the things we're looking at is it appears to us that
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there's been a substantial increase in costs, probably for content acquisition. that's money they are spending either on music and certainly as we all know heavy investment in video for youtube. liz: isn't that look at a company as aggressive -- remember google started off a search engine, then they go into maps, then they go into android, it is unbelievable, chrome, all the businesses. i have been to their campus, spent an entire day broadcasting there for fox business, i kept thinking to myself, looking into research, branched out and become so much more and pretty successfully, so if they take a stumble right now, is that an opportunity to get in on a stock like that? >> yeah, i mean, we're obviously going to listen to the management call. still at $780 on the stock right now. still looking at this as really more attractive today than it was last night when it closed, obviously getting very close to that. we're still seeing the same trends that we don't think are alarming, those trends are, you know, increased exposure to
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mobility, which is driving down some of the cpcs, but still seeing increase in paid clicks -- liz: do they need to sell mobility, get rid of it i know they just bought it? >> it would be something in the long run we would be excited them to see divest -- excited to see them divest --. >> this is tyler, do you see them making more acquisitions to continue this growth that they have had going forward? >> yeah, i think so. historically google has not been elephant hunters, if you will. obviously there's been a couple of big elephants they have bought. but they prefer to stay below the fray and buy companies that are less than a billion dollars. that question remains, and we think that's actually a largest list for the company than an opportunity for the company. capital allocation will continue to become increasingly important for this company as it gathers cash on its balance sheet here.
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liz: i have to bring up tivo because i saw a flash a a couple of days ago that tivo was saying that google owed them billions of dollars in patent violations, all related what they acquired with motorola mobility. is motorola mobility becoming this gigantic problem for them that they probably didn't realize when they bought it? >> i think it's probably an overstatement. i think, you know, once again, from an intellectual property perspective, it would be hard to suggest that that's a negative for them to have acquired motorola mobility. the bigger overhang is going to be in that set top box and hand set business hopefully they can shore that business up at least attractive enough for another suitor, if you look at tivo issue, they have obviously done other licensing agreements to help shore up at least the way they present content. they have a licensing agreement with others for example. liz: thank you very much for
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joining us rick. >> sure. liz: google will resume trading 3:20 p.m. eastern time. the second it happens, we will have it for you. when it was halted, down 9%, a huge drop for the stock. you don't often see that for google. what's going to happen, now that the market has had an opportunity to really absorb the pre-release, the inadvertent pre-release of the earnings, although it appears the numbers were pretty much correct. coverage of google's conference call, we will have that as well, 4:30 p.m. eastern, larry page the ceo is supposed to be on that. and charlie gasparino doing some digging on the google story, the only way charlie can, elbow deep, find out what he's uncovering about this next. bob...
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liz: welcome back to this breaking news on google. we're not just simply focusing on a single stock because it is a popular one or one that people talk about, it is crushing the nasdaq. if you look at the percentage losses on the dow, fractional, same with the s&p, fractional, but the nasdaq is getting hit to the tune of more than a full percent. now, google is on everybody's radar right now, trading to resume in just a few minutes. so let's get to nicole petallides on the floor of the new york stock exchange. nicole: this has been one day on wall street. i will tell you, let's take a
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look here at some of the largest mutual funds, exchange traded funds that hold a lot of google shares. so these are the names, the top 20 mutual funds combined that own about 15% of google's outstanding shares. i want to give you some of the names because some of our folks out there may have some of these companies under their umbrella, fidelity contra fund, vanguard total stock fund, vanguard, another one to watch, right, the vanguard 500 index, also the fidelity growth company, t rowe price index, government pension fund, vanguard prime cap, fidelity advisor new insights fund. and new york venture fund, everybody knows the davis family. this is another way that people may own google and they don't even know it, and we saw google obviously today selling off immediately after those numbers were released at 12:30 liz. and at that time google lost more than 20 billion dollars in market cap in just 20 minutes.
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it was halted and now we eagerly await for the stock to reopen in about 90 seconds, if it's true to the time. liz: nicole petallides thank you very much. adam shapiro has more live up in the newsroom. adam, as we wait, and we are just less than a minute and a half away from the opening again of the trade resumption for google f. we interrupt you -- if we interrupt you, we interrupt you, but go ahead. adam: you have this quote finally from larry page. we had a strong quarter, revenue was up 45% year on year and swrus 14 years old we -- just 14 years old we cleared our revenue quarter. you take a look at where they are taking hits, motorola, their net income was down 20%, liz. a lot of that motorola but also advertising. they have more people clicking, but what they are making on those clicks as they switch over to mobile delivery, not nearly as much as they used to. that's one of the things we saw people reacting to when they saw the first release of all of this prematurely. liz: $687.30 was the last trade.
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again, google says that it will resume in exactly 20 seconds. so we -- if we can put up an intraday chart here and wait to see if this happens. again, an inadvertent pre-release of the ternings -- of the earnings shocked the market. they missed on both the top and bottom line. this was a company that went public back in 04. here we go, breaking news, the stock is trading and it is plummeting. it is down just about 10% right now. again, the market is absorbing this at the moment. but the price is at about 680, 681, we will put up intraday chart right now. it is not recovering what it had lost earlier when the news at least was able to be absorbed by the markets. we are looking at trading volume of about 66 million shares, that's the volume at the big board, so the price is continuing to go lower. nicole, what is the floor -- actually now it is coming up little bit. nicole: it is very interesting, the traders here, they get the
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orders as they are coming in. i was hearing 687, 688. when you said 681, i was taken aback because i hadn't heard that number here in the last minute or so. right now seeing it at 689 which is above where it was halted. it was halted at 687.30. so at this level of 690, it is actually coming back. is it because larry page talked about a strong quarter and revenue up 45% year over year? here it is at 692 -- 692 getting closer and closer to $700 mark. obviously traders on wall street had been anticipating this open, waiting for it, and i had been hearing numbers such as 688 or so. here we are at 690, above where the stock was halted at 12:50. liz: this is why they halt the stock obviously so people can absorb what's happening. we have tyler vernon saying it would be a buy here. we had the morningstar analyst who said you know what? are the numbers meaninggully horrific? look, perhaps it is just a bad quarter at least for the moment as this company figures out what
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to do with motorola mobility which they had bought mostly for the patent value. there were dozens and dozens of patents that they thought maybe we could build something out of this as far as hardware for their super successful android software that everybody is buying. all the hardware makers are making phones out of this so google is thinking why shouldn't we get in on this party? adam, go ahead. adam: we're down not much, but we're down below where they were halted just a moment ago. it seems that people are trying to figure out where they want to go with this stock, liz. i mean at one point when this was released prematurely, they were down 10.5% -- 10.5%. then they got halted just under 10%. right now down 9.2%. liz: who wants to take a bet that this thing ends down around 5%? i don't know, just a week and a half ago, people were saying apple is kind of scary right now here, how about google? google seems to be firing on cylinders. the biggest problem would be is that larry page and google and company didn't telegraph to the street that there would be this
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miss, on both the top and bottom line. okay, when we come back, charlie gasparino has just come down to the set. he has a whole bunch of thoughts on this. in fact he has some exclusive news. stay tuned. we will be right back. google resumes trading.
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zoomed talks after the mistake release of earnings don't get too excited. filleout 8-1/4%. let's bring in charlie gasparino onhas been doing some digging he ramifications. charlie: wgloss over inadvertan release earnings,ou they are not t only ones.
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that violates nasd rules, new york stock exchange rules depending on erou trade, i am 99% sure sec rules, something known as fair disclosure where you must release material, earnings are premature really @ iform manner. my guess, i do not have this confirmed by the securities and exchange commission, they have to look at this as they look at other trading mishaps. this gets to the heart of fundamental process of how the market is supposed to work and to investors feel comfortable in a market where people with fat fingers and shoot out trades like night securities which dooms the firm or in this case or pre release earnings in ad burnley release earnings that send the stock down 10%. that is a big screw up. we know the reason they hold this thing is this violates a lot of rules in terms of how to roll out material information.
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liz: let's go to the interday charts, it is important because at 12:30 p.m. eastern time we were all expecting this to come out "after the bell," that is what is released but it came out at 12:30. charlie: in january they did the same thing. their earnings were better. charlie: they are a company, they are a real estate brokerage but let me figure it what i am trying to say. it doesn't matter what they do. they trade on the stock exchange in the immediately halted the stock and basically launched an investigation because when this stuff happens, you really get the regulators annoyed because people don't get the information uniformly. what happened with jones was after they halted the stock, held press release of earnings on there website, somebody had
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the screen grab and people were still trading on it and it went selectively to the people who knew it was there. that is the interesting part. liz: that violates fair disclosure. the problem is if you own google and have a 9 your calendar earnings came out and continue not ready or not looking and there is a big problem. charlie: this reminds me of a mini facebook situation. why did facebook trade down so violently on nasdaq's error and the fact that there was a lot of built-in selling demand from institutions because before the ipo th were told they would have earnings issues but also nasdaq is at issue, when y have that type of technical support of glitch, selling demand increases. people are ready to sell. liz: if you look at the competitors out there, yahoo! is down, everybody getting caught
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in such a downdraft and when you look at those numbers they didn't all have bad news. facebook is down 4% right now. charlie: on today's news. liz: note news. there's no real news -- [talking over each other] charlie: traders are selling -- charlie: liz: yelp is losing an yahoo! is considered a major -- you could argue microsoft which has earnings "after the bell," if there is an inadvertant punch and microsoft restored that but microsoft with its being search engine not a player but a looking for any comment. charlie: i don't want to give much credence to a mistake but stuff like this really does hurt market confidence. when investors see fat finger traders causing a flash crash or somebody at night securities not knowing what they're doing. liz: what happens to people who
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by accident -- charlie: we see the chart -- liz: they took a bigger hit initially. charlie: the problem -- [talking over each other] liz: they are not getting hurt. charlie: this is a stock everyone should be following. this company is under tremendous pressure because of the incident. what i remember covering wall street is this company used to print the prospect thises and earnings and this is a financial printer, used to be a huge business. go out and drink with these guys. there were only three of them. the biggest and they spend money on everything. they have -- it has hurt their bottom line. $10 stock. i like to see a five year or 20 feet -- ten year on this thing. it should hurt the [talking over each other] charlie: it is a mistake or
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maybe -- i have no idea but this is a stock you follow the next couple days and see if it moves. if you are a traitor i am not telling you to trade, stuff like this is a good flash point. is this a term -- how do you like that? $44 stock is like a $10 stock. that is the internet taking it out. if you are looking at the last six days, seeing if this hurts them for refutation standpoint where people stopped doing business is possible. this is the real problem for this company. liz: that chairman of google cannot be happy about this. he stepped up to the chairmanship in the last year. larry page had been one of the founders, had become the ceo and it has been a little rocky, got high marks initially and disappear due to an undisclosed television and has been out and about lately. he will be on a call today at 4:30 p.m. eastern. you will hear this call because
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fox business will take it and they will do some flaming and they will have to figure out what is happening here. charlie: now you want to know why citigroup delayed the announcement with vikram pandit getting blown out. they were doing earnings and ready to pull the trigger on vikram pandit and they didn't want to do it all at once. this guy has to explain the screw up and the earnings all at once. that is what no ceo wants to do. what is his name -- liz: one of the founders. charlie: good dealing with the street. liz: he did not telegraph there would be a wider than expected loss. charlie: it will be a fascinating earnings call. one of the better ones. liz: google is down 7-3/4%. it had been 9% and it has halted and has reopened just a few minutes ago. trying to make it back. we will be back with more. dow jones industrials coming back down just 18 and had been
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liz: google missed its earnings. it was a surprise. s a halloween shocker. donnelly is supposed to release the earnings and release it too ready. supposed to be "after the bell". stock plunged. industrial and then you see it trying to make a come back down 7.5%. at the lowest it was down 9%. let's talk to somebody whose products are the backbone of the internet, makes blank slate
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programable chips that can be reprogrammed to do something completely different. their technology is everywhere from the mars rover, car navigation to the backbone of the internet through which google courses. second quarter earnings after the bell earnings down 2% from last year and we are happy to include the president and ceo with us in this fox business exclusive. what did you think when you heard about google's drop in stock price and the reaction from the nasdaq where you are listed? >> may you live in exciting times. this is an exciting time. two things happen that are interesting. they missed the quarter and then there's the administrative/clerical snafu and both of these are interesting to watch how they react from our perspective. it doesn't really matter as the
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transition goes to wireless. we benefit from that because we are at the heart of the networks too. we don't really care as these transitions happen. we benefit both. liz: as you look and see your business and want to explain to people what you do. you make programable chips which are more expensive because they can be erased and programmed to do something different. how is the business? your chief financial officer of a conference call said the macroeconomic conditions remain challenging. we heard that from the cfo of intel. where do you see the biggest weakness and strength for your particular business? >> generally macro issues and tents to the world wide in north america, europe, china, you are seeing a similar trends, logic driven by the fiscal cliff, the
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currency challenges in europe, or the slowdown in china. my expectation is all three of these trends will get resolved over the next few months and the macro will recover. it won't be violent but will recover in 2013. from our perssective, we service 20,000 customers in every conceivable application and as we rollout new generation of product which is a generation ahead of a competition, we are very excited that it is starting to deploy and actually doubled in terms of revenue, this past quarter compared to the previous. liz: you are in the defense industry and we are facing the fiscal cliff where defense would be cut or some of spending on it. are you concerned about that? >> only in a minor way because
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there will still need to the upgrades and is the financial cuts that are most significant and the upgrades will have to use programable devices so we should benefit from that too. it should not have a major impact. liz: let me ask about the chinese company you had some design wins and did some business with them and suddenly as you heard, some members of congress, mostly republicans are up in arms about this company, they feel they made because of what they do, high-speed internet and all of that might be spying on the u.s. and shouldn't do business with them. i know you do business with them. don't mean to put you in a weird position that there news. >> we do business with all of the leading telecom companies and all of the network communication companies, americans, europeans and chinese and japanese and koreans.
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whoever ends up winning the business, we are likely to be part of their devices. sometimes one company wins and sometimes another company wins when you have strong technology and, you hopefully have flat forms with all of these players and these political decisions don't really impact us. liz: thank you for joining us, the ceo of xylynx. we are talking smart people here. thank you so much. they do help with the backbone of the internet. google,:30 p.m.. less than an hour from a conference call with ceo larry page answering questions about why and how this happened and earnings were supposed to come "after the bell" but they did
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not. stock plummeted and had to be halted. they had a mess on the top and bottom line and if we look at the stock you can see while coming back slightly it is still down 8%. we will be right back with much more. dow jones industrials down ten points now. 4g lte is the fastest.
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so, which supeast 4g lte service would yochoose, sed on this chart ? don't rush into it, i'm not looking for the fastest answer. obviously verizon. okay, i have a different chart. going that way, does that make a difference ? look at verizon. it's so much more than the other ones. so what if we just changed the format altogether ? isn't that the exact same thing ? it's pretty clear. still sticking with verizon. verizon. more 4g lte coverage than all other networks combined.
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liz: nicole petallides is following the google story.
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how many traders are going to stick around for the conference call? nicole: they could be trading in after-hours. let's look at the action we have seen today. this is google during the day. it went above the $700 mark and reopened and also here is a new chart for you, same sort of picture. this is what we have seen on so many stocks. this is facebook, $18.96 and a o l would be another one in a similar group. this a exact thing and i wanted to bring up the cue? which is the index, the nasdaq index in which google makes up 6.3% of the two and so let's look also, right now is down 1.1%. we continue to follow what we are seeing on google and i wanted to look at some of the analysts's calls and hear it is.
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let me bring it up. that is the analyst review. most of the analysts had buy ratings, and jefferies and 850 price target. ted weisberg said they reiterated that. 80% of analysts had by raiding the and i was hearing on the floor at the time we saw the stock jumped down, move down that people wanted to buy at that level, so many companies with price targets of $800. we will see after this conference call what kind of analysts calls we get tomorrow but we know google today crushed the tech sector. liz: you are 100% right. tyler vernon said this is where you buy, he wanted to a couple weeks ago and was too expensive and it is cheaper. >> anytime this news hits the market without any explanation, there are some things changing in the company but management have already come out and said
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this is a great quarter. we are doing well. anytime you have a growth industry prices go down. if you look at phones or flat screen tvs prices go down over time but they're growing in different ways and very exciting company. liz: look at this three months chart. your next pick is also a company that just went through a tough time and that is intel. you still love it. >> i love buying things when other people ate thhm. you know it is a great company. this has dropped to can tea with dividend of 4%. we are paid a lot away. liz: the price to earnings ratio 10 is considered cheap at the 4% -- >> twice -- liz: 80% market share. the thing is they are extending other areas. >> they took a lot of flak because they didn't get into the smart phone market quick enough and developed a great shift. we are seeing a lot of other companies using it and we think it will come abroad here. windows 8 is coming out.
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that could be a huge catalyst for the company. they may call the chips for apple. apple pcs taking more market share. there are several catalysts that could make it go forward. liz: microsoft coming out with earnings right "after the bell" and as soon as that happens, but regarding intel we have craig barrett who ran his company during the glory years those someone argue we have had some good glory years recently. craig barrett is joining us to talk about how much stock we should put in a day like this for google, a nightmarish day but we are speaking to him about what this country has to do to fight back against the chinas of the world and in the business world, not beat china up but tyler vernon, it is good to see you. closing bell ringing in seven minutes as we mentioned, we are waiting on the conference call at 4:30 p.m. eastern with google management.
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the google story, we are following it to the last second of trading, can't make any kind of a big come back. where will it end today. stay with us, 4:30 p.m. eastern time, larry page getting on a conference call. we will have that calling you will hear what he has to say about how this happened, how they inadvertently had their earnings released well before the actual time. keep it right here. fox means business. before copd...
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he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into thearke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. he can worry about other things, like what the market is doing and being ready, o matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. liz: al will google after in this can't earnings end the session today? we get ready for "after the bell" and the conference call.
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dave: larry hayes was sick the last time. everyone was surprised that he had throat problems and today of all days he has a lot of explaining to do but interestingly once they lifted the lid off of google shares and began to trade in an upward velocity it might not be quite as bad as the doomsayers said it was. let's go to nicole petallides where all of this craziness hit like a ton of bricks, it is not a great day for google by any stretch but it didn't go below 10%. liz: nicole: traders are watching going into the closing bell. it was at 12:50 after the numbers came out at 12:30, lunch time. we saw it go above the $700 mark in the last 40 minutes of trading. we will see where it is now. it could have been a lot worse but taking it in stride. liz: a massive tech giant microsoft releasing earnings minutes from now. at stock hasn't been necessarily
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going ahead but it has been a decent performer, everyone waiting for october 25th and windows 8. nicole: that will be key for microsoft. microsoft is down 1/4 of 1%. tech overall came under pressure after we got those erroneous earnings reports from google so everything sold off. dave: apple also before this stuff began because of issues with the iphone 5. nicole: talk about issues with the iphone 5 and the copyright patent against samsung for a tablet. we saw apple with highs of 70507 and trading to the downside at 6:32. liz: look at the downdraft for competitors out there, yahoo!s and bidens of the world were much lower earlier, coming back a bit, not merely what you would expect to see but still down but
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certainly of a blows of the session. nicole: it was so wild on wall street today. when you get numbers unexpectedly in the middle of the day, google, and pressure on everything like a o l, they are trying to make a come back. dave: equities throw everything they can weather stuff happening here, crazy stuff like we saw with google today and the market not ending up too bad except for the nasdaq which was a full percentage point down pulled down by what happened at google, expectations of of microsoft and apple, a significant loss there as well but when you think of everything that is going on and a market that is slightly lower on most indices with the exception of the nasdaq, not a bad day. liz: the price is $6.95 but still selling but
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