Google dropped 9% today after earnings, which are supposed to be reported after the close of the day, were leaked to the street reporting a Huge $1.62 revenue loss per share. Google generated $11.33B, missing by $530M. It’s a huge loss and took a huge hit on the entire Tech sector all together. Ebay was one of the few companies that actually remained positive as it jumped 5% on it’s earnings report. The markets are playing with some serious support lines and have been rather stalled most recently. The next couple of trading days could determine quite a shift in the way the market is heading and Google did not help out one bit.
With all the excitement, the leaked news, the dramatic drop in less than minutes, the markets decided to freeze all Google shares so that they could not be traded. This is often times a technique used to settle the marketplace and keep people from reacting emotionally in the market. Similarly to “Black Monday” in 1987, stocks will quickly be frozen to prevent such declines. Things have just opened up (3:20 PM) and it seems things have settled.