Closing Bell: Not all earnings created equal (GOOG, BAC, GE, AMD, PMTI, JNJ)

Google Inc. (NASDAQ: GOOG) rose to new 52-week highs on better than expected earnings and better than expected revenues and ended the quarter with some $22 billion in cash. There are many analyst price target upgrades as well, with one at $700.00 for now. Shares were up 4% at $551.67 late in the day.

Bank of America Corporation (NYSE: BAC) fell on earnings: -$0.26 EPS vs. -$0.21 EPS estimates and revenue of $26.04 billion vs. $27.61B estimates from Thomson Reuters. BofA also added $2.1B billion to its credit loss reserves as credit costs remain high. Shares were down 4.3% late in the trading day.

General Electric Company (NYSE: GE) posted earnings that beat Thomson Reuters consensus figures on the surface: $0.27 EPS vs $0.20 estimates, but this translates to a 44% drop in profits. Revenue was down 20% at $37.8 billion vs. estimates of $39.5 billion. An MRI dye side effect also added woes. Shares were down 4% at $16.10 late in the trading day.

Advanced Micro Devices Inc. (NYSE: AMD) was down all day despite having a narrower loss than expected. Shares were down 7.7% at $5.71 late in the trading day.

Palomar Medical Technologies Inc. (NASDAQ: PMTI) was a huge disappointment today. Johnson & Johnson (NYSE: JNJ) notified Palomar that the soft economy was causing it dump its partnership for OTC laser and light treatments for acne, wrinkles, and cellulite. Shares were down almost 14% at $13.13 late in teh trading day.