Diamonds and Dogs
10/18/12Google Inc. (GOOG)
Google is going to be the most "googled" word on Wall Street today with the internet giant falling 7.95% ($60.07) to $695.42. Shares of the company tanked as much as $79.00 today after an accidental release of the company's third quarter earnings. Google was not expected to release earnings till after the close today, however Google is blaming R.R. Donnelley & Sons Co. for prematurely releasing the earnings report. The earnings report showed that Google missed across the board. Google brought in $11.33 billion in net revenue missing analyst estimates of $11.86 billion. Furthermore, Analyst estimates were for an EPS of $10.65, versus Google's reported $9.03 per share. The huge drop in share price caused the stock to be halted for around 3 hours, before being opened for trading again.
Ethan Allen Interiors Inc. (ETH)
Ethan Allen is giving its investors a cushion today, trading up 19.19% at $28.08. The home furnishing company saw its shares pop after a positive earnings report. Gross margins improved to 55.6%, operating income increased 43.9% to $19.6 million, and net income per diluted share increased 52% to $0.38 compared to $0.25 this time last year. Furthermore, Ethan Allen saw its sales increase 1.4 % to $187.4 million, with the retail division seeing sales growth 5.0%. Farooq Kathwari, Chairman and CEO commented, "We are pleased to see the benefits of substantially completing the transition of our major introduction of new products and the operating leverage of our vertically integrated business." The company saw shares gain over $4.50 today, pushing the stock up near its 52-week high of $29.31.