U.S. Stocks Fall as Google Results Pull Down Tech Shares
U.S. stocks fell, after a three-day advance in the Standard & Poor’s 500 Index (SPX), as Google (GOOG) Inc. pulled down technology shares after reporting third-quarter profit and sales that missed estimates.
Google dropped 8.1 percent after the earnings report was filed inadvertently during regular trading hours. Technology shares had the biggest decline among 10 groups in the S&P 500.
The S&P 500 fell 0.2 percent to 1,457.40 at 4 p.m. in New York. The index gained as much as 0.2 percent earlier as a rise in jobless claims was offset by better-than-estimated data on leading indicators and Philadelphia manufacturing.
“Google failed to meet expectations,” Giri Cherukuri, a portfolio manager for Oakbrook Investments LLC, which manages $3 billion, said in a telephone interview. “Google is a big company and on top of the fact that they missed estimates, they talked about advertising in the online world not doing as well as previously thought.” For more visit: Bloomberg.com
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