Happy weekend stock market enthusiasts! The US market or at least the NASDAQ ended this week with a bang after a magnificent performance by Google. In case you missed it, the shares of Google (GOOG) soared by 11.19% following a jump in the company’s net income. Net profit expanded by 32% to $2.17 billion, which translates to $6.72 per share, from $1.64 billion during the previous year. Given this figure, the web search giant is proved to be benefiting very well from its advertising channels which now includes display and mobile. Internet advertising, by the way, has risen by $6.15 billion or 11.8% in the US alone from a year earlier.
Technically, GOOG made a bullish gap soon after the company’s third quarter income result hit the news. In the process, the stock broke above its previous high near $600.00, converting this level to support. But given its present overbought condition, it may move sideways for awhile before resuming its journey towards its next target around $630.00. If it ranges, the support at $600.00 should keep it from falling. A break below, however, could send it back to the bottom of the gap. Nonetheless, the momentum in a breakaway gap is usually strong that the stock will most likely continue its move north.