Midday movers: Google, Microsoft, SanDisk
Stocks decline as concerns about Spain outweigh relatively strong reports from a pair of tech bellwethers.
Google (GOOG) shares rose nearly 3% after its better than expected earnings prompted Citigroup, RBC Capital, Susquehanna and other firms to make positive comments. Google said overall clicks on its search ads jumped 42% in the quarter and that it's seeing "phenomenal growth" in mobile search queries.
Among some other big names in tech, Microsoft (MSFT) slid over 1% after its adjusted earnings beat consensus but its revenues were a bit light and SanDisk (SNDK) surged almost 14% following its Q2 report.
General Electric (GE) reported earnings that beat the Street's view on revenues that were somewhat lower than expected and said it had "no change" in its company outlook. Also, the conglomerate announced plans to reorganize its Energy division into 3 standalone businesses.
Initial public offerings commenced for security software provider Palo Alto Networks (PANW) and travel website Kayak Software (KYAK).
Among the notable gainers were Dole Food (DOLE), up 7%, after the company's earnings beat expectations and said it is exploring the sale and spin-off of its worldwide packaged foods business, and A123 Systems (AONE), up 23%, after the company announced a contract from BAE Systems (BAESY) yesterday and one with Ray Power today. Among the noteworthy losers were Chipotle Mexican Grill (CMG), down nearly 23%, after its revenues missed expectations and its same store sales growth slowed sequentially, and Cepheid (CPHD), down about 22%, after lowering its full year guidance, saying its taking a more cautious view on the remainder of the year.
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Consumers are very status conscious in Asia, Africa and other emerging-market areas. This is especially true in China.
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