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Dal LaMagna

Dal LaMagna

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Google Drops $48. I'm Pissed.

Posted: 04/15/11 10:53 PM ET

Let's start with the fact that I own 5,000 shares of Google.

Google makes 18% more money on 27% more sales the first quarter of 2011 than the first quarter of 2010 -- and Wall Street takes the value of the stock down $48!

What happened to me is somewhat annoying because finally, I stopped trading the stock market. Instead, I'm running my own business and investing in businesses creating well-paying jobs. The money I put in the market is for holding stocks in companies I want to support -- not trade. Had I been trading and paying attention, I would not have missed that Google was announcing its earnings yesterday. I might have sold my position. Then, at the end of today I could have bought it back $48 lower -- trading. As I've said I'm not trading, I'm a good patriotic American helping to create jobs for the almost 15 million Americans still unemployed. Then I have to watch my Google stock drops $250,000 in one day. That's annoying.

The main reason I am pissed is that Wall Street motivates job destruction rather than job creation. If Larry Page (co-founder and new CEO of Google) were the typical Fortune Five Hundred CEO, he would be laying off employees; his Board of Directors would be giving him a big bonus; Wall Street would be running up the value of Google's stock. Larry Page is hiring people -- over 6,000 people -- yet Wall Street runs down Google's stock 8%.

 

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