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Google, RR Donnelly and the Fat Finger
Last Thursday, Google's printing, or more correctly, filing company, RR Donnelly, via a subsidiary Edgar Online filed Google's quarterly reports around 4 hours early. The market went mad - Google shares [GOOG] were suspended after falling dramatically - Bloomberg and CNBC were full of debate about litigation by investors who may have suffered losses due to the premature release. It went on. And on. The lesser part of the frantic discussion was Google's almost 20% drop in profit, and the market wobbled because the results were missing comment from Larry Page; comment that would have been re-assuring for the key institutional investors. This comment was obviously missing because of the premature release - but the market hates surprises. Regardless of later explanation.