With a lot of bad news permeating the world markets overnight, Google (Nasdaq: GOOG) is up almost 18 per cent this morning in pre-market trading.
Google closed the day yesterday at $449.54 and, as of 9:15 EST, is showing a pre-market price of 532.50, a gain of 18.45 % overnight (and a price gain of $82.96).
If this holds throughout today's trading, Google will have recovered 20% of their market cap in one day.
1) There is REAL news here. Google's ad revenues increased 30 per cent, mostly on international products, once again, trashing analysts expectations.
2) With banks still very much on the edge, bonds paying near zip, oil near record highs, retail on the skids, etc., people are rushing to put money 'wherever it looks good'. That's when markets, at least for me, get very scary.
3) Google is making a lot of good decisions. Now, officially a powerhouse that can change industries, with their eyes squarely on mainstream advertising.
That's a quick update. They did it again.
More as the day goes on ....