Google stock sales drop, Wall Street Red

  Wall Street stocks ended lower on Thursday (10/18/2012) local time on Friday morning local time, dragging Google shares fall after profits fell surprisingly in a quarterly report released prematurely.

Google shares closed fell 8 percent in 695 dollars, after being plunged 10 percent following the release of unwanted disappointing earnings report in mid-session.

It dragged the Nasdaq fell 31.25 points to lose, or 1.01 percent for the day, ending at 3072.87. However, the Dow Jones Industrial Average, the leading stocks (blue-chip) that does not include Google, held firm, only lost 8.06 points (0.06 percent) at 13,548.94. Broad-based index S & P 500 slumped to feel its influence even though only 3.57 points (0.24 percent) to 1457.34.

Google reported net income for the three months stood at 2.18 billion U.S. dollars, compared to 2.73 billion U.S. dollars last year. Earnings per share adjusted for special items amounted to 9.03 U.S. dollars, far below Wall Street forecasts 10.65 U.S. dollars per share.

While the Dow's strong results benefited from telecom giants Verizon and Travelers Insurance Companies. Verizon jumped 2.4 percent as its profit jumped 16 percent for the quarter, driven by the addition of the Apple iPhone to the Verizon Wireless cell phone company. Travelers rose 3.6 percent as earnings beat estimates with net income of 864 million U.S. dollars.

Morgan Stanley shares fell 3.8 percent after the bank reported a loss of 1.0 billion dollars in the third quarter due to a decline in income securities institutions and investment banking business as well as losses from the revaluation of debt reduction. American Express fell 3.0 percent after it failed to meet the expectations of quarterly earnings.