Google’s Early Earnings Report Sends Nasdaq Tumbling

Business News

0  Updated at 3:38 pm, October 18th, 2012 By: ABC Digital
Share This Story

Hemera/Thinkstock(NEW YORK) — U.S. stocks fell for the first day this week as jobless claims soared and shares of Google were halted Thursday.
 
The Dow lost eight points to end the session at 13,549. The S&P dropped four points to 1,457. The Nasdaq gave up 31 points as trading on Google stopped at $687.30 Thursday afternoon, effectively putting a damper on the technology sector.
 
Google stock hit the skids after its third-quarter earnings report became public several hours ahead of schedule. The report showed a drop in profit and revenue of more than 20 percent. The stock lost nine percent before trading was halted so investors could review the report.
 
Meanwhile, first-time unemployment claims were up by 46,000 last week after a big drop the week before.
 
Copyright 2012 ABC News Radio