Market Talk with Piranha is currently moving to its new home at chrisperruna.com. The new site is up and running but many of the posts need editing as the images and stock charts did not transfer successfully (thanks blogger). I will post all new entries to both blogs – Thank you for your patience while I make this change!

Friday, October 22, 2004

Google - Can they do anything wrong?

Google reported Thursday and missed expectations by $0.11: Earnings were at $0.45 per share, up 25% vs. a year ago. Revenues rose by 105% beating views. Shares were up about 8% in after hours trading.

We can now see how the after hours trading would pan out today. A huge gap up on extremely large volume has sent Google up 16% today. Too bad Google can't help the rest of the market as it is "dead as a doornail".

The Google gap up started the day at $170.43 The stock closed the day yesterday at $149.38 Currently at noon, it is holding around $174 (up 16% for the day). What a run since the IPO.
Anyone could have gotten in at $98 to $100, too bad I wasn't one of them!

I have seen GOOG come up on my preliminary screens but I was holding off until they reported earnings and formed a pattern I was comfortable with. Sometimes, you miss a big winner but that will not keep me down. With portions of my cash tied up in three separate positions, I am fine with the current scenario.

I decided to buy into another IPO named Syneron Medical (ELOS) and have not made the types of gains Google has given it's shareholders.

ELOS is having a rough day today although the volume has stayed low. I will keep my eye on this stock and will always be ready to cut a loss. As you all know, I love the medical sector and I have made a lot of money in the past with companies in this area. I will stay patient and wait until the stock tells me what to do. I just hope that ELAB-ELOS relationship won't affect my emotions and I am not blinded by "hope". Time will tell, as for now, I will stay.

Back to Google, I love the site, I love the company and I love what I see in the stock, so why don't I own a piece of it?
Listen to me Google, set up a solid base and allow me to ride the next wave!

Piranha

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