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Bullishness pays off. I have been saying for months that I felt the weakness at YHOO was company specific, and that I would be surprised if GOOG was experiencing the same weakness. I also posted that I thought YHOO's woes could be exacerbated by share gains from GOOG. And I made GOOG my biggest position as it emerged from its summer correction.

So I am a happy camper today. GOOG beat both top and bottom line estimates handily. The Street is running to upgrade the stock, which is nearly $30 higher today. Goldman put a $595 price target on it, and Citi upped their target to $600. And I think those targets are reasonable.

I also have a small position in SNDK, which despite beating estimates nicely, the stock is getting crushed. So everything is not exactly rosy around the office. But I think there is a very strong likelihood that SNDK recoups all of today's losses and then some over the next few weeks.

Also, our old friend SIRF reported solid earnings last night. Given that sentiment had been so negative, the results were enough to lead to a +10% pop in the stock today. Nice.

In other news and notes:

• Grasso ruled to pay back tens of millions (still fighting)
• OPEC ups production cut to 1.2 mln barrels per day
• SLB beats by 4 cents; stock down anyway
• FBR says comps still negative at URBN
• Small quake hits off cost of Peru
• MMM up after beating earnings and revs
• BofA raises CME target to $550
• INFA plunges -15% after earnings

long GOOG, SNDK, SIRF

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