Google and Apple Shine, But Tech Looks Weak -- Barron's

Excerpt from our One Page Barron's Summary (receive it weekly by email by signing up here):

PLUGGED IN: As the Industry Shows Weakness, Google Romps and Apple Shines by Mark Veverka

Highlighted companies: SAP AG (SAP), Yahoo! Inc. (YHOO), Google Inc. (GOOG), Motorola Inc. (MOT), Apple Computer Inc. (AAPL), Nokia Corp. (NOK)
Summary: Veverka looks at tech-sector earnings last week. Some highlights:

• SAP AG (SAP): Met targets and suggested Q2's miss was just a "blip." Warned that its software license revenue will fall in the low range (15-17%). "Any way you slice it, this kind of news ain't good... now there are signs that the economy is truly softening."
• Yahoo! Inc. (YHOO): Came in well below expectations of $1.3B. This could be, "a referendum on the economy and advertising spending."
• Google Inc. (GOOG): Quarterly profits nearly doubled y/y. "When Google ultimately misses its numbers, the overvalued tech tape could finally meet its match."
• Motorola Inc. (MOT): Missed estimates of $11B by a full $1B. RAZR sales are no longer growing like they were. Competition from Nokia Corp. (NOK) means margin pressure for both companies. "Broad consumer resilience certainly seems absent when Motorola misses."
• Apple Computer Inc. (AAPL): The staying power of the iPod is impressive. Mac sales are up 30% -- 4x industry growth. Intel-based Macs continue to gain market share due to aggressive pricing, and anticipation of Apple's Boot Camp operating-system. Apple "continues to amaze and defy."

Quick comment: Earnings conference call transcripts: SAP AG Q306 • Yahoo! Q306 • Google Q306 • Motorola Q306 • Nokia Q306 • Apple F4Q06 • Seeking Alpha analysis: SAP: We Had An 85% Win Rate Against Oracle • A Long Oracle/Short SAP Strategy • Callidus' SAP Deal Could Bring It Momentum • Yahoo!: Who Could Acquire Yahoo? • Third Quarter Score: Google 49, Yahoo 0 • Yahoo Loses Ground • Facebook Acquisition Not a Panacea for Yahoo • Yahoo Comments Suggest Market-Wide Ad Weakness • Yahoo Continues To Face Challenges • Dow Jones: Maybe Our Online Business is Part of Yahoo's Problem • Time For a Shakeup at Yahoo • Yahoo's Fundamentals Are Deteriorating • Yahoo's Recent Quarter Not Helping Refute Claims It's a "Google-Laggard" • Yahoo on the Defensive on Social Networking, Video and You Tube • Yahoo Discusses its "Panama" Search Engine Advertising Platform • IBM and Yahoo Beat Earnings: Past "Day-After" Stock Performance • Yahoo and Google Earnings Indicative of Unhealthy Reliance on Online Advertising • Yahoo Issues Weak Guidance for Q4 • Yahoo Downgraded Due to Lost Market Share • Google: Google's Numbers Continue to Improve, Beating Even Aggressive Estimates • The Most Important Quote From Google's Conference Call • On Google's Fantastic Quarter, CapEx and 'Free' Publicity • How To Play Google Earnings • Google's Q3 Results in its Own Words • Google Reports Blowout Quarter • Motorola: Cellphone Market Report: RAZR Mania Peaked, Sony Ericsson Growing Fastest • Where’s That Pickup In Business Spending? The Economy's In Trouble Without It • Communication Chip Producers To Suffer From Weak Motorola Handset Sales • Motorola Comments on Sales Shortfall • Nokia: Nokia Comments on Declining Prices • Nokia: Strong Q3, But Plunging Margins Pressure Stock; Bad News for TI? • Nokia Discusses Mainland Penetration with Partner China Mobile • Apple: Why I'm Selling Apple • Apple's Post-Earnings Gains Usually Happen Before the Market Opens • Bear Stearns: Apple Poised to Benefit from Holiday Demand • Apple Discusses Bootcamp and Leopard • Apple Discusses iPods and iTunes • Apple Discusses Mac Sales • Apple Discusses Pricing for Hard Drives, Flash Memory and LCD Panels • Quick Read on Apple Earnings • Apple's Cheap Shot Against Microsoft