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TOPIC: Google Value Plummets $20 Billion in Ten Minutes After Mistake

Google Value Plummets $20 Billion in Ten Minutes After Mistake 18 Oct 2012 23:32 #1

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Google panic over results bungle

Disappointing third-quarter earnings from Google were accidentally published several hours earlier than planned, sparking a panicked sell-off of the internet company’s shares until trading was halted for more than two hours.

The figures showed Google’s consolidated revenues grew 45 per cent to $14.1bn for the quarter ended September 30. Net income fell 20 per cent to $2.18bn. Earnings of $9.03 per share were below analysts’ expectations of about $10.60.

Speaking to analysts after the market closed, on Thursday, Larry Page, chief executive, said: “I’m sorry for the scramble earlier today. Our printers said they pressed send on the release a bit early.” The tech group asked Nasdaq to halt trading in its stock while the company worked to “finalise the document”.

The premature release of Google’s balance sheet and results, alongside an incomplete press statement that was marked as “pending Larry quote”, referring to Mr Page, appeared on the SEC website after midday New York time. The company was not scheduled to report until after the market close.
Full article is here:

www.ft.com/cms/s/0/710240e6-1945-11e2-9b...0.html#axzz29gz3R0gd

www.google.co.uk/finance?client=ob&q=NASDAQ:GOOG

Googleshareprice
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Last Edit: 18 Oct 2012 23:33 by wake_up_bomb.
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Re: Google Value Plummets $20 Billion in Ten Minutes After Mistake 19 Oct 2012 00:07 #2

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:secret: seems suspiciously accidentally on purpose.. for what?
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Re: Google Value Plummets $20 Billion in Ten Minutes After Mistake 19 Oct 2012 00:45 #3

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batou wrote:
:secret: seems suspiciously accidentally on purpose.. for what?

To buy up a shit load of cheap stock before an "innovative new development" gets announced?
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Re: Google Value Plummets $20 Billion in Ten Minutes After Mistake 19 Oct 2012 00:54 #4

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In terms of the leaked information, you never know, it could even be industrial espionage. I don't think it benefits Google particularly.

The plummeting of the share price happens because the majority of trading on the stock exchange is done by supercomputers now, 'algorithmic traders' as they're referred to, and, being computers, they're pretty ruthless if they spot a particular trend. In 2010, in something called a 'flash crash' they wiped nearly 10% from the value of the entire Dow Jones in a matter of minutes.

Flashib


You can read more about this here:

en.wikipedia.org/wiki/2010_Flash_Crash
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Re: Google Value Plummets $20 Billion in Ten Minutes After Mistake 19 Oct 2012 08:39 #5

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All it takes is for the chinese to announce they're not buying US anymore and the yanks won't know what hit them the following morning.
QE4 perhaps lol...
“Fascists are not human. A snake is more human.” - Hugo Chávez
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