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Google (GOOG) is getting ready to report third-quarter results Thursday after the bell. I have to wonder what plans the traders have for the stock. As I wrote back in September, I'm long-term bullish on the company. Nevertheless, just about any equity can be used as a vehicle for short-term gains, although playing such a game can be very difficult (not to mention dangerous).
To get the fundamental preview stats for Thursday's earnings release, check out this article. As for the technical aspects of the story, have a look at the one-year chart. The stock has been rising since around the end of August.
Today, Google is up a slight amount, a little less than 1% at the time of this writing. There are roughly two hours to go before the market closes for the day, and I have to say, volume is not impressive at all. What does this tell us about the potential for an earnings trade?
Well, I don't think it necessarily bodes well. One thing to consider: last time around, the stock was punished after missing estimates. And here's another thing: although Intel (INTC) isn't a directly-related business, it is a tech company, and it is down right now by nearly 2% after issuing a good quarterly document yesterday after the bell.
Perhaps I'm wrong in making any sort of connection between Intel and Google, but my basic opinion on the matter of a trade at this point is to take profits if you have them. The stock has already had a bit of a run, so booking gains ahead of the data may well be worthwhile. Make your own choice after performing appropriate due diligence.
Disclosure: I don't own any company mentioned; positions can change without notice.
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