Google’s meltdown Thursday after the earnings mishap caused more pain for tech ETF investors. The company was scheduled to release results after the closing bell, but they came out in the middle of the trading day on the SEC’s website.
In a major embarrassment for the company, its SEC filing contained a partially-written press release that was marked as “PENDING LARRY QUOTE,” referring to CEO Larry Page, the Financial Times reports.
The chart below is the relative performance of the Technology Select Sector SPDR versus the S&P 500 showing the recent underperformance.
Full disclosure: Tom Lydon’s clients own QQQ, AAPL and GOOG.