Poor forecast knocks down Google, other tech stocks

Written By Unknown on Rabu, 17 Desember 2014 | 20.49

Google shares dropped 3.6 percent on Tuesday — to a 52-week low — after one Wall Street analyst cut its price target on the tech titan's shares by more than 10 percent.

JPMorgan analyst Doug Anmuth, in a research note to clients, sliced his price target to $600 from $670 — saying he now sees slower organic growth at the Mountain View, Calif., company.

Anmuth's revenue estimates for 2015 were taken down by 4 percent.

Google's shares closed at $495.39 and are down 11.5 percent this year.

The stormy forecast for Google, which relies on advertising revenue for much of its profits, also took down other ad-dependent tech stocks.

Twitter shares dropped 4.7 percent to $35.13, while Microsoft, the subject of a Bank of America downgrade Tuesday, declined 3.2 percent to $45.16.

Even Facebook — which has soared 37 percent in 2014 — got caught up in the downdraft, falling 3 percent to $74.69.

The most damning observation by Anmuth in his report's Google-Facebook comparison was the latter's being "better positioned to capture new dollars coming online given its 21 percent share of mobile time spent, strong leverage to news feed ads, and nascent opportunities in video and Instagram."

The analyst conceded that Google will continue to benefit from the secular shift to online advertising.
It's just that its desktop dominance becomes less important in an increasingly mobile world.

The tech wreck on Tuesday extended, for many companies, a horrible fourth quarter.

Both Netflix and Twitter have lost 31 percent of their value in the last three months, while Google is off 15 percent over the same period.

Zynga, the video-game maker, has seen its shares slip 23 percent in the last three months.

During that same time period, Nasdaq has treaded water and is at breakeven.


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