Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Google (Nasdaq: GOOG) soared more than 10% in intraday trading today after crushing Wall Street's estimates for third-quarter earnings and revenue.

So What: The pop appears due to skeptics' reversing themselves. These are the traders and short-sellers who've argued Google doesn't benefit from giving away the Android smartphone operating system, even as it's putting pressure on Apple (Nasdaq: AAPL) and Research In Motion (Nasdaq: RIMM) by attracting the largest share of new U.S. smartphone buyers.

Now What: While the majority of Google's revenue is still derived from Web searches, Android, Google TV, YouTube, Google Apps, and related services are catching on as consumers become accustomed to cloud computing. As investors, we want to see these services gain traction so it's encouraging to see that Android and the AdMob mobile network Google acquired are now on track to produce $1 billion in annual revenue. So long as this continues to be a growth segment -- and there's no reason to believe it won't be -- Google remains a solid buy.

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