Como se combate o populismo? "Com eleições", responde Fukuyama

[rnbc]

rnbc, o facto de se estar optimista no longo prazo não quer dizer que não se procure melhores oportunidades de entrada no curto prazo.

Sim, percebo a ideia e era o que eu tinha dito:

Alguém pode estar realmente optimista e não ter posições abertas, ou pelo menos estar à espera dum ponto de entrada favorável a curto prazo?

Ainda assim... e uma vez que o google nem tem subido nos últimos 5 dias, presumo que agora seja uma boa altura para entrar, certo? Pelo menos para quem acreditar que vai aos 600 até ao fim do ano (eu não sei se acredito).

PS: eu tenho uns googles recomprados a 350 depois de os vender a perder (400 -> 380), mas nada que dê para criar muita emoção e distorcer o pensamento... só 2.6% da carteira de acções.

[Ulisses Pereira]

rnbc, o facto de se estar optimista no longo prazo não quer dizer que não se procure melhores oportunidades de entrada no curto prazo. Sobretudo, quando a nossa mudança de postura (ele estava neutro depois de ter estado bullish durante largos mesese passou a bullish) se deveu a um acontecimento que não nos permitiu estarmos posicionados no papel.

Aqui fica o comentário detalhado:

"Google at $600 Isn't So Eye-Popping"

By Jim Cramer
RealMoney.com Columnist
4/21/2006 2:47 PM EDT

"Google's (GOOG:Nasdaq - commentary - research - Cramer's Take) stock price is a simple calculation, just like all the others, but it's made more opaque here because of the high dollar amount of the stock. When I write that my new price target on Google is $600, people get confused.


We know now that the company, which we thought could earn $9 and not much more than that, now can earn $10. We have to figure out what to pay for that $10 in earnings with the stock price. We have to solve for the M, as I say in Jim Cramer's Real Money: Sane Investing in an Insane World, to get to the P, or share price. The company's growing about 30%. We should be willing to pay up to 2 times the growth rate. Why 2? Because anytime I have paid more for a stock, I have felt like I was speeding too fast and was too worried about getting thrown out of the car! I was too worried about a pending crash.

Less than that? Not even an issue. If you can get it for less than that, you should be thrilled. I say that because there aren't many stocks that are growing at 30% a year that are selling for less than 60 times earnings. Why should this one be different?

Remember, this is an S&P 500 stock now. People who run money look at all of the S&P stocks, what rate they're growing at and what they sell for. If they can find any other 30% growers, they will discover that they are paying twice that rate as a multiple at a minimum.

That, to me, means, algebraically that's what you are going to have to pay, nothing less. If you can get it for less some time in the near future, please do so.

I don't think it will happen. Too cheap!"

(in www.realmoney.com)

[rnbc]

Quando, há cerca de um ano, Jim Cramer apontou o seu price target para a GOogle os 350 dólares muitos chamaram-lhe maluco.

[...]

Position: none"

Custa-me sempre a perceber esta gente optimista e que depois não tem posições.

Alguém pode estar realmente optimista e não ter posições abertas, ou pelo menos estar à espera dum ponto de entrada favorável a curto prazo?

[josecarlosvalente]

Espero que os analistas e o mercado estejam com o mesmo sentido, porque maturidade do warrant em que entrei é 06/06 e é de 450usd, logo está out-of-the-money. Devia ter dado ouvido ao Derivates embora percebesse o que o Bull disse, e ela ia tão lançada, e por mais que discordem foi o petroleo começar a subir e o mercado começar a reagir.

Para quem gosta de informações e mais informações, pq nunca são poucas aqui vai:

http://www.marketwatch.com/News/Story/S ... mktw&dist=

[josecarlosvalente]

"With earnings like that, the valuation of Google shares seem almost cheap"

http://www.investor.reuters.com/Article ... c=cms#more

[daviddias]

neste momento tou aki entalado com uns warrants no ndx, o k vale é k sao pcs.. tb acho k nao deve cair mais k isto, já ta num suporte bastante forte.. bye e bom fds..

[Barra]

Deixa lá JAP, também estou entalado com os meus.

Não com os da Google(esses vão bem e recomendam-se), nem da Intel, mas sim da EBAY.

Enfim, umas cobrem as outras.

[josecarlosvalente]

NEW YORK (Reuters) - Shares in Google Inc. (GOOG.O: Quote, Profile, Research) surged 9 percent on Friday after the Web search leader's quarterly results beat Wall Street forecasts, prompting several analysts to raise their target prices on the stock above $500.

Google reported on Thursday a 60 percent rise in net profits on a 79 percent jump in revenue as it recovered its momentum following disappointing results in the prior quarter.

Goldman Sachs, Lehman Brothers and Merrill Lynch raised their price targets for Google shares well above the $500 mark, citing the company's ability to pull in a greater share of Internet advertising dollars than its competitors.

"Google's growth continues to outpace the search industry ... and we expect this to continue as the company monetizes additional verticals such as Maps, Local, etc." Goldman analyst Anthony Noto wrote in a research report.

As recently as February, several bouts of negative news sent Google shares as low as $330, particularly concerns the company would not meet Wall Street's bullish growth forecasts.

But new agreements with advertising affiliates to expand the reach of its paid search listing programs, the introduction of advertising on its Google Maps locator system and the primacy of its search technology have kept it ahead of rivals.

Merrill Lynch upgraded its rating on Google to "buy" from "neutral" and bumped its price target on the share to $540, while Lehman Brothers raised its price target on Google to $530 from $450.

Merrill Lynch analyst Justin Post said his price target was based on a price-to-earnings multiple of 44.

Goldman's Noto recommended buying Google shares, estimating their value at $525.

Risks to such growth include efforts by Yahoo (YHOO.O: Quote, Profile, Research) and Microsoft (MSFT.O: Quote, Profile, Research) to push back, margin pressures as Google invests more in its computer networks and data centers and the "lack of company disclosure that makes revenue and margin trends less predictable," Merrill's Post wrote in a research report.

Google share rose $29.05 to $444.05 in late morning trading on Nasdaq, after moving as high as $450.72 earlier in the session. The stock's record high near $472 was hit in January.

in "Reuters"

[Ulisses Pereira]

Quando, há cerca de um ano, Jim Cramer apontou o seu price target para a GOogle os 350 dólares muitos chamaram-lhe maluco. Hoje, telegraficamente, aponta o seu novo alvo.

Jim Cramer
GOOG
4/20/2006 6:17 PM EDT

"GOOG--new math--$9 goes to $10 multiple stays at 60=$600 that's my new price target
Position: none"

(in www.realmoney.com)

[JAP]

Boas k@to e restantes forenses eu tb tenho WAR-rant´s da google 425$ pr junho e 500$ pr dezembro dos 425$ ja comprei a 0,05 e vendi a 0,1 e 0,18, pr pena minha só tenho 5000, das 500$ comprei a 0,35 e 0,14 vendi a 0,47 e 0,52 fikei ainda com 2500, das 0,14 tenho 5000 e ainda estou pr vender, amanha sera um bom dia com ceu pouco nublado grande arco-iris daki do PORTO até a google.
Karo jbosflop o felzmente ou infelizmente tudo depende do lado em ke estamos, heheheheh.
Isto vai cobrir a banhada dos meus war intel pr junho e ainda pr ver o DRAGÃO a ser campeão e beber uns copos no sapo com estas meninas do meu coração.

[JB05FLOP]

O trade não correu nem bem nem mal, felizmente não entrei.

Mas ela há de cá vir...

[Barra]

Só largo os meus quando a GOOG atingir o target que defeni em 470.

Assim fará um perfeito W.

[K@t0]

Suponhamos que eu tenho warrants dos corriqueiros, devo despacha-los amanha de manha?

Ou devo aguardar que o valor da acção chegue aos $450? é que já vai em $444,99.

Acham que ainda poderá subir acima desse valor?

A pergunta prende-se se vale a pena segurar os earrants ou larga-los já?

Obrigado pela atençao.

[BullPower]

Boas. Pois é, parece que o trade na Google não vai lá muito bem depois de resultados tão bons .

Abraço e BN.

[Ulisses Pereira]

Muito acima das expectativas. Sobe já cerca de 4% no after hours.

Um abraço,
Ulisses

[OLDMAN]

Press Release Source: Google Inc.


Google Announces First Quarter 2006 Results
Thursday April 20, 4:01 pm ET


MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--April 20, 2006--Google Inc. (NASDAQ:GOOG - News) today announced financial results for the quarter ended March 31, 2006.
"Google had an exceptional quarter with strong growth and profitability, from both Google properties and the network," said Eric Schmidt, CEO of Google. "We are driving this growth through investments in our infrastructure and our people, product innovations that attract new users, and relationships with advertisers and partners around the world. The strength of our business model gives us the opportunity to invest in our business, allowing us to maintain and grow our market leadership."

Q1 Financial Summary

Google reported revenues of $2.25 billion for the quarter ended March 31, 2006, an increase of 79% compared to the first quarter of 2005 and an increase of 17% compared to the fourth quarter of 2005. Google reports its revenues, consistent with GAAP, on a gross basis without deducting traffic acquisition costs, or TAC. In the first quarter of 2006, TAC totaled $723 million, or 32% of advertising revenues.

Google reports operating income, net income, and earnings per share (EPS) on a GAAP and non-GAAP basis. The non-GAAP measures are described below and reconciled to the corresponding GAAP measures in the section below titled "About non-GAAP financial measures."

GAAP operating income for the first quarter of 2006 was $743 million, or 33% of revenues. This compares to GAAP operating income of $570 million, or 30% of revenues, in the fourth quarter of 2005. Non-GAAP operating income in the first quarter was $887 million, or 39% of revenues. This compares to non-GAAP operating income of $718 million, or 37% of revenues, in the fourth quarter.
GAAP net income for the first quarter was $592 million as compared to $372 million in the fourth quarter. Non-GAAP net income was $697 million, compared to $469 million in the fourth quarter.
GAAP EPS for the first quarter was $1.95 on 304 million diluted shares outstanding, compared to $1.22 for the fourth quarter, on 304 million diluted shares outstanding. Non-GAAP EPS was $2.29, compared to $1.54 in the fourth quarter.
Non-GAAP operating income, non-GAAP net income, and non-GAAP EPS in the first quarter of 2006 are computed net of certain material items: stock-based compensation (SBC) and estimated plaintiffs' attorneys' fees related to the proposed settlement of the Lane's Gift class action lawsuit. In the first quarter, the charge related to stock-based compensation was $115 million as compared to $58 million in the fourth quarter of 2005, which was also excluded from non-GAAP calculations. Plaintiffs' attorneys' fees related to the proposed Lane's Gift class-action lawsuit settlement are estimated to be $30 million. In the fourth quarter of 2005, the contribution to the Google Foundation of $90 million was excluded from the calculation of non-GAAP operating income, non-GAAP net income, and non-GAAP EPS. Tax benefits related to SBC charges, the estimated plaintiffs' attorneys' fees, and the contribution to the Google Foundation have been excluded from non-GAAP calculations. The tax benefit related to SBC was $27 million in the first quarter and $14 million in the fourth quarter. The tax benefit related to the estimated plaintiffs' attorneys' fees in the first quarter was $12 million. The tax benefit related to the contribution to the Google Foundation in the fourth quarter was $37 million. Reconciliations of non-GAAP measures to GAAP operating income, net income, and EPS are included at the end of this release.
Q1 Financial Highlights

Revenues -- Google reported revenues of $2.25 billion for the quarter ended March 31, 2006, representing a 79% increase over first quarter 2005 revenues of $1.26 billion, and a 17% increase over fourth quarter 2005 revenues of $1.92 billion. Google reports its revenues, consistent with GAAP, on a gross basis without deducting traffic acquisition costs, or TAC.

Google Sites Revenues -- Google-owned sites generated revenues of $1.30 billion, or 58% of total revenues. This represents a 97% increase over first quarter 2005 revenues of $657 million and an 18% increase over fourth quarter 2005 revenues of $1.10 billion.

Google Network Revenues -- Google's partner sites generated revenues, through AdSense programs, of $928 million, or 41% of total revenues. This is a 59% increase over network revenues of $584 million generated in the first quarter of 2005 and a 16% increase over fourth quarter 2005 revenues of $799 million.

International Revenues -- Revenues from outside of the United States contributed 42% of total revenues, compared to 38% in the fourth quarter of 2005 and 39% in the first quarter of 2005. Foreign exchange rates had an immaterial impact on sequential international revenue growth. Had foreign exchange rates remained constant from the first quarter of 2005 through the first quarter of 2006, our international revenues would have been $65 million higher.

TAC -- Traffic Acquisition Costs, the portion of revenues shared with Google's partners, increased to $723 million in the first quarter. This compares to TAC of $629 million in the fourth quarter. TAC as a percentage of advertising revenues decreased to 32% in the first quarter from 33% in the fourth quarter.

Other Cost of Revenues -- Other cost of revenues, which is comprised primarily of data center operational expenses, including depreciation expense, as well as credit card processing charges, increased to $181 million, or 8% of revenues, in the first quarter, compared to $148 million, or 8% of revenues, in the fourth quarter. Other cost of revenues also included stock-based compensation of $2 million in both the first quarter of 2006 and the fourth quarter of 2005.

Operating Expenses -- Operating expenses, other than costs of revenues, were $607 million in the first quarter. Operating expenses included $284 million in headcount-related and facilities expenses, $112 million in stock-based compensation, and $50 million in advertising and promotional expenses, of which $25 million was related to distribution deals. In addition, stock-based compensation and estimated plaintiffs' attorneys' fees related to the Lane's Gift class-action lawsuit of $30 million are included in operating expenses, but excluded from non-GAAP calculations.

Stock-Based Compensation -- In accordance with a new accounting rule, FASB Staff Accounting Bulletin No. 107, stock-based compensation is no longer presented as a separate line on our income statement. The stock-based compensation is now presented in the same lines as cash compensation paid to the same individuals. Stock-based compensation recognized in prior periods has been reclassed to conform with the presentation in the current period. In the first quarter, the charge related to stock-based compensation was $115 million as compared to $58 million in the fourth quarter. The increase in stock-based compensation was primarily related to the adoption of FAS 123R related to stock-based options expensing.

For the full year, we expect stock-based compensation charges for grants to employees prior to April 1, 2006 to be $370 million. This does not include expenses to be recognized over the remainder of the year related to employee stock awards that are granted after April 1, 2006 or non-employee stock awards that have been or may be granted. We currently anticipate that dilution related to all equity grants to employees will be approximately 1% to 1.5% per year.

Operating Income -- GAAP operating income in the first quarter was $743 million, or 33% of revenues. This compares to GAAP operating income of $570 million, or 30% of revenues, in the fourth quarter. GAAP operating income includes stock-based compensation, the estimated plaintiffs' attorneys' fees related to the proposed settlement of the Lane's Gift lawsuit of $30 million in the first quarter, and the contribution of $90 million to the Google Foundation in the fourth quarter. Non-GAAP operating income in the first quarter was $887 million, or 39% of revenues. This compares to non-GAAP operating income of $718 million, or 37% of revenues, in the fourth quarter.

Net Income -- GAAP net income for the first quarter was $592 million as compared to $372 million in the fourth quarter. Non-GAAP net income was $697 million, compared to $469 million in the fourth quarter. GAAP EPS for the first quarter was $1.95 on 304 million diluted shares outstanding, compared to $1.22 for the fourth quarter, on 304 million diluted shares outstanding. Non-GAAP EPS was $2.29, compared to $1.54 in the fourth quarter.

The share count of 304 million is as of March 31 and does not include 5.3 million shares issued in the offering completed early in the second quarter. The additional shares will be reflected in the second quarter 2006 share calculations and in subsequent quarters.

Income Taxes -- Our effective tax rate for the first quarter was 27%. We expect our effective tax rate for 2006 to be approximately 30%.

Cash Flow and Capital Expenditures -- Net cash provided by operating activities for the first quarter totaled $825 million as compared to $658 million for the fourth quarter. In the first quarter of 2006, capital expenditures were $345 million. Free cash flow, an alternative non-GAAP measure of liquidity, is defined as net cash provided by operating activities less capital expenditures. In the first quarter we generated $480 million in free cash flow.

We expect that the growth rate in capital expenditures in 2006 will be substantially greater than the revenue growth rate for the year. We expect the majority of investment to be focused on IT infrastructure including servers, networking equipment, and data centers, as well as real estate and campus facilities.

In accordance with FAS 123R, excess tax benefits related to stock-based compensation, which totaled $77 million in the first quarter, are now classified as a cash flow from financing activities, rather than as a cash flow from operating activities. This requirement will reduce the amounts we record as net cash provided by operating activities and free cash flow, and will increase the amount we record as net cash provided by financing activities. Total cash flow will remain unchanged from what would have been reported under prior accounting rules.

Reconciliations of free cash flow to net cash provided by operating activities, the GAAP measure of liquidity, are included at the end of this release.

Cash -- As of March 31, 2006, cash, cash equivalents, and marketable securities were $8.43 billion. This balance does not reflect the additional $2.07 billion raised in the offering that closed in early April.

We also completed the investment of $1 billion in AOL in early April, and the balance of $8.43 billion does not reflect the impact of the cash investment.

On a worldwide basis, Google employed 6,790 full-time employees as of March 31, 2006, up from 5,680 full time employees as of December 31, 2005.

WEBCAST AND CONFERENCE CALL INFORMATION

A live audio webcast of Google's first quarter 2006 earnings release call will be available at http://investor.google.com/news.html. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, the financial tables, as well as other supplemental information including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, are also available at that site. A replay of the call will be available beginning at 7:30 PM (ET) through midnight Thursday, April 27, 2006 by calling 888-203-1112 in the United States or 719-457-0820 for calls from outside the United States. The required confirmation code for the replay is 5907541.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements that involve risks and uncertainties, including statements relating to our plans to invest in our business, our expected stock-based compensation, the expected dilution related to equity grants to our employees, our anticipated effective tax rate for 2006, and planned capital expenditures. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, risks related to our international operations, our hiring patterns, the amount of stock-based compensation we issue to our service providers, the mix of our US revenue as compared to our non-US revenue, the uncertain and complex nature of tax forecasting, the fact that we may have exposure to greater than expected tax liabilities, and our need to expend capital to accommodate the growth of the business, as well as those risks and uncertainties included under the captions "Factors That Could Affect Future Results" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in our report on Form 10-K for the year ended December 31, 2005, which is on file with the SEC and is available on our investor relations website at investor.google.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in our quarterly report on Form 10-Q for the quarter ended March 31, 2006, which will be filed with the SEC in the second quarter of 2006. All information provided in this release and in the attachments is as of April 20, 2006, and Google undertakes no duty to update this information.

ABOUT NON-GAAP FINANCIAL MEASURES

To supplement Google's consolidated financial statements presented in accordance with GAAP, Google uses the following measures defined as non-GAAP financial measures by the SEC: non-GAAP operating income, non-GAAP net income, non-GAAP operating margins, non-GAAP EPS and free cash flow. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures" and "Reconciliation from net cash provided by operating activities to free cash flow" included at the end of this release.

Google's management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our core business operating results. Google believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing Google's performance and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Google's historical performance and liquidity and our competitors' operating results. Google believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making.

Google has computed its non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

Google Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)


December 31, March 31,
2005 2006
------------ ------------

Assets
Current assets:
Cash and cash equivalents $3,877,174 $2,935,179
Marketable securities 4,157,073 5,493,849
Accounts receivable, net of allowance 687,976 844,378
Deferred income taxes, net 49,341 26,317
Prepaid revenue share, expenses and other
assets 229,507 256,234

------------ ------------
Total current assets 9,001,071 9,555,957
Property and equipment, net 961,749 1,209,681
Goodwill 194,900 318,806
Intangible assets, net 82,783 160,573
Prepaid revenue share, expenses and other
assets, non-current 31,310 49,853

------------ ------------
Total assets $10,271,813 $11,294,870
============ ============


Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $115,575 $145,911
Accrued compensation and benefits 198,788 118,395
Accrued expenses and other current
liabilities 114,377 156,784
Accrued revenue share 215,771 267,202
Deferred revenue 73,099 80,172
Income taxes payable 27,774 211,560
------------ ------------

Total current liabilities 745,384 980,024

Deferred revenue, long-term 10,468 17,123
Liabilities for stock option exercised
early, long-term 2,083 1,368
Deferred income taxes, net 35,419 -
Other long-term liabilities 59,502 53,087

Stockholders' equity:
Common stock 293 295
Additional paid-in capital 7,477,792 7,605,177
Deferred stock-based compensation (119,015) -
Accumulated other comprehensive income 4,019 (10,363)
Retained earnings 2,055,868 2,648,159

------------ ------------
Total stockholders' equity 9,418,957 10,243,268

------------ ------------
Total liabilities and stockholders' equity $10,271,813 $11,294,870
============ ============

Google Inc.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)


Three Months Ended
March 31,
-----------------------
2005 2006
----------- -----------

Revenues $1,256,516 $2,253,755

Costs and expenses:
Cost of revenues (including stock-based
compensation expense of $1,573 and
$2,283)(a) 546,781 904,119
Research and development (including
stock-based compensation expense of
$29,299 and $73,086)(a) 108,711 246,599
Sales and marketing (including stock-
based compensation expense of $6,536
and $15,929)(a) 89,488 190,943
General and administrative (including
stock-based compensation expense of
$11,500 and $23,366)(a) 68,766 169,395

----------- -----------
Total costs and expenses 813,746 1,511,056
----------- -----------

Income from operations 442,770 742,699
Interest income and other, net 13,686 67,919
----------- -----------

Income before income taxes 456,456 810,618
Provision for income taxes 87,263 218,327
----------- -----------

Net income $369,193 $592,291
=========== ===========

Net income per share - basic $1.39 $2.02
=========== ===========
Net income per share - diluted $1.29 $1.95
=========== ===========

Shares used in per share calculation -
basic 266,106 293,896
=========== ===========
Shares used in per share calculation -
diluted 286,612 304,123
=========== ===========

(a) Stock-based compensation recognized in the three months ended
March 31, 2005 has been reclassed to this expense line to conform
with the presentation in the three months ended March 31, 2006.


Google Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)


Three Months Ended
March 31,
------------------------
2005 2006
----------- ------------

Operating activities
Net income $369,193 $592,291
Adjustments:
Depreciation and amortization of property
and equipment 46,478 95,868
Amortization of intangibles and warrants 9,715 15,290
In-process research and development - 4,000
Stock-based compensation 48,908 114,664
Excess tax benefits from stock-based award
activity 77,377 -
Changes in assets and liabilities, net of
effects of acquisitions:
Accounts receivable (60,069) (155,221)
Income taxes, net 6,044 139,242
Prepaid revenue shares, expenses and
other assets (29,571) (26,525)
Accounts payable 42,694 30,232
Accrued expenses and other liabilities (17,767) (39,295)
Accrued revenue share 32,085 51,216
Deferred revenue 4,535 3,042

----------- ------------
Net cash provided by operating activities 529,622 824,804
----------- ------------

Investing activities
Purchases of property and equipment (142,391) (344,938)
Purchases of marketable securities (1,160,160) (13,111,471)
Maturities and sales of marketable securities 835,223 11,755,756
Acquisitions, net of cash acquired, and
purchases of intangible and other assets (5,000) (187,964)

----------- ------------
Net cash used in investing activities (472,328) (1,888,617)
----------- ------------

Financing activities
Proceeds from exercise of stock options, net 4,097 42,611
Excess tax benefits from stock-based award
activity - 77,285
Payments of principal on capital leases and
equipment loans (592) -

----------- ------------
Net cash provided by financing activities 3,505 119,896
----------- ------------

Effect of exchange rate changes on cash and
cash equivalents (5,100) 1,922

Net increase (decrease) in cash and cash
equivalents 55,699 (941,995)
Cash and cash equivalents at beginning of
year 426,873 3,877,174
----------- ------------
Cash and cash equivalents at end of period $482,572 $2,935,179
=========== ============


Reconciliations of non-GAAP results of operations measures to the
nearest comparable GAAP measures

The following table presents certain non-GAAP results before certain
material items (in thousands):


Three months ended December 31, 2005
-------------------------------------------------
Actual As a % Adjustments Non-GAAP As a %
of Results of
revenues revenues
-------- -------- ------------ -------- ---------

58,154 (a)
90,000 (b)
Income from
operations $569,640 29.7% $148,154 $717,794 37.4%
======== ======== ============ ======== =========
58,154 (a)
90,000 (b)
(13,881)(e)

(37,026)(e)
-----------
Net income $372,208 $97,247 $469,455
======== ============ ========


Net income per share
- diluted $1.22 $1.54
======== ========
Shares used in per
share calculation -
diluted 303,972 303,972
======== ========



Three months ended March 31, 2006
-------------------------------------------------
Actual As a % Adjustments Non-GAAP As a %
of Results of
revenues revenues
-------- -------- ------------ -------- ---------

114,664 (c)
30,000 (d)
Income from
operations $742,699 33.0% $144,664 $887,363 39.4%
======== ======== ============ ======== =========
114,664 (c)
30,000 (d)
(27,444)(e)

(12,342)(e)
------------
Net income $592,291 $104,878 $697,169
======== ============ ========


Net income per share
- diluted $1.95 $2.29
======== ========
Shares used in per
share calculation -
diluted 304,123 304,123
======== ========

(a) To eliminate $58.2 million of stock-based compensation charges
recorded in the fourth quarter of 2005.

(b) To eliminate $90.0 million of charitable contribution to Google
Foundation recorded in the fourth quarter of 2005.

(c) To eliminate $114.7 million of stock-based compensation charges
recorded in the first quarter of 2006.

(d) To eliminate $30.0 million of estimated plaintiffs' attorneys'
fees recorded in the first quarter of 2006 related to the proposed
settlement of the Lane's Gift class action lawsuit.

(e) To eliminate income tax effects related to charges noted in (a),
(b), (c) and (d).


Reconciliation from net cash provided by operating activities (1) to
free cash flow (in thousands):


Three Three months Three
months ended months
ended December 31, ended
March 31, 2005 March 31,
2005 2006
----------- ------------- ----------
Net cash provided by operating
activities $529,622 $658,434 $824,804
Less purchases of property and
equipment (142,391) (245,831) (344,938)
----------- ------------- ----------
Free cash flow $387,231 $412,603 $479,866
=========== ============= ==========

(1) Excess tax benefits related to stock-based award activity of
$77,377 and $162,024 were included in net cash provided by
operating activities in the first and the fourth quarters of 2005.
Excess tax benefits related to stock-based award activity of
$77,285 were excluded from net cash provided by operating
activities in the first quarter of 2006 as a result of our
adoption of SFAS 123R, "Shared-based Payment" on January 1, 2006;
these amounts are now included in net cash provided by financing
activities.

[OLDMAN]

Google expected to report (after the close
at MarketWatch)profit up 53%
Sales are seen leaping 85% as ads exceed Yahoo's level

By Bambi Francisco, MarketWatch
Last Update: 1:07 PM ET Apr 20, 2006


SAN FRANCISCO (MarketWatch) - Google Inc. is expected to report a surge in first-quarter net income as its advertising sales are estimated to exceed those of Yahoo's search ad business.
The Mountain View, Calif., search giant is expected to post earnings excluding stock-based compensation of $1.97 a share, up 53% from the year-earlier period's $1.29 a share.
Sales excluding expenses Google pays to its distribution partners are estimated to grow 85% to $1.47 billion from $795 million.
Ahead of the news, Google shares rose modestly to $410.54, as many investors expect Google to deliver even better sales growth.
"Yahoo's quarter-over-quarter growth implies that Google should grow net revenue in the high teens quarter-over-quarter," said Anthony Noto, analyst at Goldman Sachs. Yahoo which reported quarterly results earlier this week, is estimated to have grown search revenue by 9% sequentially.
Analysts' consensus sales forecasts peg Google growing revenue at nearly 14% from the fourth quarter. And at least three analysts surveyed by Thomson/First Call expect Google to generate sales above $1.5 billion, which equates to a sequential revenue growth rate of 19%.
With Google at current prices, the market is pricing in 15% sequential growth, according to a number of traders and analysts. But if Google delivers only 13% sequential growth, Goldman's Noto said he would still maintain his $490 price target.
Outlook
While Google does not provide estimates, as other companies do, the company's results and comments will help analysts adjust their own expectations.
Analysts currently predict that Google will earn $2.06 a share on sales of $1.58 billion in the second quarter.
For the full year, analysts expect Google to earn anywhere from $7.70 to $9.33 a share. The consensus earnings-per-share estimate is $8.74, up 53% from a year earlier. Google is estimated to generate sales of $6.7 billion, up 68%. On the high end, at least one analyst expects Google to generate $10.4 billion in sales this year.

[Resina]

ouvi dizer que era depois do fecho da bolsa americana! Na reuteurs na sic

[BullPower]

Boas. Por acaso a Google não devia ter apresentado os resultados às 16h30? Penso que estava marcado para esta hora.

Assim tive que vender as opções pois penso que amanhã já não as posso negociar. Fiquei com os Warrants Vanilla.

Abraço e BN.

[rnbc]

É verdade que o google está sob ataque, mas o facto é que continua aí em força e recentemente lançou mais uns quantos produtos que me parecem de excelente qualidade.

Quando comparo o google com a concorrência (excepto o yahoo) dá-me vontade de rir.

O MSN então dá mesmo vontade de rir... mas pronto, o IE3 também dava e depois foi o que se viu. No entanto duvido que a história se repita dessa forma.

Quanto à Intel, acho que já escrevi isso algures o outro dia: estão numa fase de gestão de danos e amortecimento da queda.

Coitados dos inteis, devem estar a precisar de apoio psicológico para ultrapassarem o facto de terem perdido de vez o monopólio. Provavelmente vão continuar a precisar de apoio uns bons tempos... a empresa tem uma estrutura de custos desadaptada à situação presente e futura e continua a sonhar acordada. Quando eles mandarem o itanium borda fora eu volto a repensar o caso Intel.

Resumindo a minha posição: google looooongo, mas com pouco capital por causa das tosses e sempre preparado para saltar borda fora. Intel, estou fora.

Nota: eu sei que a maioria de vocês trabalham com prazos de investimento bastante curtos e a intel é capaz de ser boa para daytrading ou poucos dias, mas para investir não é.

[fiódor]

Para mim a tendencia mãe para a GOOG, nos próximos tempos é para sul. É a minha convicção e vale o que vale... Vou esperar pelo triger e shortar.

Assim concordo contigo. A goog pode ser um bom short, mas é quando esse trigger for accionado (quebra consistente dos 400$), até porque, como referes "a tendencia mãe para a GOOG, nos próximos tempos é para sul"; dará tempo e mais que tempo para uma entrada.

Eu não tenho posição na Goog, nem longa nem curta, e por isso desejo que o vosso negócio corra pelo melhor.

Cumps

Fiódor

[Keyser Soze]

Na INTEL, o guidance de vendas 2T veio abaixo das expectativas e esperam novas reduções na margem operacional

[JB05FLOP]

Caro fiodor,há sempre várias interpretações possíveis, provavelmente terás razão.

Estou convicto que as subidas chegaram ao fim ou estão perto disso, o valor está demasiado esticado, o mercado vai entar num período complicado, e este tipo de acção, é geralmente o mais penalizado. A somar a tudo isto, o elan de outsider e o charme da google estão a desvanecer, e está agora a enfrentar os ataques por ser um grande.
Será que o EPS tem margem para subir? Eu penso que não.


Para mim a tendencia mãe para a GOOG, nos próximos tempos é para sul. É a minha convicção e vale o que vale... Vou esperar pelo triger e shortar.

[BullPower]

Boas Ulisses. Eu até penso que o que se passou ontem no After foi uma cobertura de posições curtas pelos resultados terem saído de acordo com o esperado pelos analistas tal como disseste. Mas que isto está esquisito lá isso está. A ver vamos o que isto vai dar .

Abraço e BN.

[Ulisses Pereira]

Bull Power, acho que os maus resultados da Intel eram os mais esperados dos últimos tempos. Li vários analistas antes dos resultados dizerem que a Intel ia surpreender pela negativa. isso explica o mau comportamneto nas semanas antes da apresentação de resultados e o facto de, depois deles terem saído, a acção ter subido, apesr de terem sido maus.

Um abraço,
Ulisses