The market closed out the week badly on Friday, with the three major indexes down between 1.5% and 2.2%. However, for the week as a whole, it was largely flat. The Dow Jones Industrial Average (INDEX: ^DJI ) and the S&P 500 (INDEX: ^GSPC ) were up 0.1% and 0.3% while the Nasdaq (INDEX: ^IXIC ) was down 1.3%. With that as context, let's look at the stocks everybody was talking about on this eventful earnings week.
Google (Nasdaq: GOOG ) made news for not only reporting disappointing third-quarter earnings, but also for accidentally reporting them early. Slated to be released after market on Thursday, Google's results hit the Internet during trading after filing company R.R. Donnelley mistakenly sent an unedited 8-K filing to the SEC early. The earnings tally for Google was $9.03 versus analyst estimates of $10.65 because of slower advertising and a Motorola Mobility-driven loss. Big G ended the week down 8.5%.
Last week, chipmaker AMD (NYSE: AMD ) scared investors by telling them to expect a 10% sales drop versus the second quarter when it reported third-quarter earnings this week. After the market closed on Thursday, it delivered on that dark promise. The forewarning didn't help, though. AMD shares fell 20% this week to $2.18.
Chipotle had no snags in reporting its earnings, but investors weren't happy with what they saw. Chipotle's EPS came in at $2.27, just three pennies off expectations, but the same-store-sales outlook for 2013 was bleak. Management guided to "flat to low-single digit" same store sales growth next year. That may not sound awful, but remember that expectations are high for the burrito flinger. Its earnings multiple was 35 before its release (and after its stock price had already fallen from well over $400 to less than $300 a share). Because of higher earnings and a lower stock price (it closed at $243), that P/E ratio is at 28 now. Color me intrigued. I love Chipotle's business model and will be researching it further now that its share price has come down about $200 a share from its highs.
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