6:50pm (EST)

Google (GOOG, $388.74, up $9.24) turned in another great earnings report after the closing bell but shares have now turned lower after hitting $410 in after-hours trading. Shares are currently down over $1 to $387.25 as I write this…

That doesn’t bode well for Friday’s opening bell but after Wall Street digests the conference call, shares could tick back up. Still, the $20 swing to the upside quickly evaporated and it could be a struggle for the stock to break $400 when we do open for trading tomorrow.

Google earned $1.4 billion or $4.49 per share for the quarter and Wall Street was expecting $4.93. However, before “special items” were accounted for, the company actually earned $5.16 per share which was the “whisper number” I had told you about earlier today.

In any event, we played it perfect by getting out of the April 420 calls (GOPDD, $4.15, up $1.20) at $4.00 by 2pm today. The calls traded as high as $4.80 but they will probably expire worthless by Friday’s closing bell. We were in at $1.45 and out at $4 for a 175% return.

The April 400 calls (GOPDT, $10.00, up $3.05) were trading at $4.40 on Wednesday afternoon and I suggested getting out at $9.80. The return was over 120%. Outstanding.

It will be interesting to see how the stock opens in the morning. I never say never when it comes to Google surprising Wall Street but it doesn’t look the stock is going to have the mustard to be a hot dog when it comes to breaking $400 when we open Friday morning.

As I close, Google is at $390, up $1.26…

Rick Rouse