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Three guesses, and the first two don't count, why Google didn't trade higher Friday, despite beating on sales and earnings. Give up?

It's not that the company didn't post blow-out numbers, as some are suggesting. The numbers were good enough enough that bulls could have made that case, but they tripped over something.

I maintain that the culprit is GOOG's pesky capex figure. The company continues to grow capex faster than revenues, putting up a near $700m figure this quarter. What are these guys, a utility or something? Soon they'll be floating bonds.

Source: Google Grows CapEx Faster Than Revenues