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Edition: U.S. Article Comments (2) Follow Reuters Facebook Twitter RSS YouTube Read IRS offers tips to avoid mistakes on deadline day 9:43am EDT Palin returns with feisty, anti-establishment speech 16 Apr 2011 U.S. credit outlook cut by S&P on deficit concerns 11:27am EDT Citi profit falls 32 percent as bond trading weakens 11:33am EDT Philips CEO turns off TV in search of profit 9:43am EDT Discussed 83 Obama to lay out deficit plan with focus on tax, spending 82 White House warns on debt limit, says Obama regrets vote 82 Palin returns with feisty, anti-establishment speech Watched Cupless bra combats cleavage crinkle Fri, Apr 15 2011 South Korean "super gun" packs hi-tech killing power Mon, Feb 14 2011 Deadly tornadoes pound southern U.S. Sun, Apr 17 2011 Analysis: Google's Page and Wall Street: Who needs who? Tweet Share this By Alexei Oreskovic SAN FRANCISCO (Reuters) - It took fewer than 400 words for freshman Google Inc CEO Larry Page to set the tone for a strained relationship with Wall Street that could haunt him for years. The 38-year-old tech visionary -- who... Email Print Related News Wall Street rises on economic data but minefields loom Fri, Apr 15 2011 Stocks, oil gain on better-than-expected data Fri, Apr 15 2011 Cost surge under new Google CEO unnerves Street Fri, Apr 15 2011 Dow, S&P inch up as growth questioned, Google off late Thu, Apr 14 2011 Growth anxiety depresses stocks, U.S. dollar Thu, Apr 14 2011 Analysis & Opinion Common budget mistakes for tech startups Tech wrap: Google’s spending overshadows revenue growth Related Topics Technology » Media » Stocks Google co-founder Larry Page is seen at the Sun Valley Inn in Sun Valley, Idaho in this July 8, 2010 file photograph. Google Inc Chief Executive Eric Schmidt will hand over the reins to Page, the company said on January 20, 2011. Credit: Reuters/Mario Anzuoni/Files By Alexei Oreskovic SAN FRANCISCO | Sun Apr 17, 2011 12:06pm EDT SAN FRANCISCO (Reuters) - It took fewer than 400 words for freshman Google Inc CEO Larry Page to set the tone for a strained relationship with Wall Street that could haunt him for years. The 38-year-old tech visionary -- who with Sergey Brin created the algorithm that today powers the world's most-used search engine -- risks alienating a powerful investor constituency that will be crucial to his efforts to ensure Google remains at the top of its game, say some industry observers. Investors had hoped to hear Page sketch out his vision during a Thursday post-earnings conference call. Instead, Page came on the line for a few minutes, expressed his optimism in the company, then signed off without entertaining questions on a stunning 54 percent cost spike. Wall Street promptly responded by selling the stock down more than 8 percent on Friday, wiping out $15 billion in value -- devaluing Page's own holdings in the company -- and setting a record for the biggest single-day decline since December 2008. Of course, there are plenty of CEOs who do not pander to Wall Street, including Apple Inc's Steve Jobs. But RCM Capital Management portfolio manager Walt Price said even the Silicon Valley icon tackles shareholder concerns head on. "He hits them head on and he hits them on a competitive basis. He talks about why he's superior to Android and other tablets," Price said. "That's probably a better model than saying I'm enthusiastic about the outlook and departing." "Maybe (Google) doesn't want to talk about it, but their multiple is going to go down until they do," Price said. "Larry Page's vision would be a good place to start, and I think people are worried that Facebook is a giant sucking sound on the valuation of Google and the future of Google." The cold shoulder to investors seems in character for Page, who is famously averse to media appearances and has a long-professed commitment to long-term goals rather than to the short-term results Wall Street is known to crave. The fact that Google generates billions of dollars in cash gives Page a fair degree of independence, since he does not need to raise money on Wall Street, said Daniel Niles, senior portfolio manager of Alpha One Capital Partners, a hedge fund that has a position in Google shares. Still, as Page seeks to revamp Google and fend off growing threats from Facebook and Apple, critics say he will need to get along better with Wall Street. In a rare downgrade of Google's stock, Citi analyst Mark Mahaney cited the "token appearance" by Page as being among the negative points from the company's quarter. "We would have wanted Larry to stick around for Q&A," Mahaney wrote in a note to investors on Friday. THE PRICE OF IGNORANCE Ignoring Wall Street exacted an immediate toll on Google's share price, which represents an increasingly important weapon for Google. "In some sense the stock price determines the morale of the employees. So you do need to care of the stock price or you're going to lose your employees," Price said. 1 2 Next Technology Media Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (2) RufusDaddy wrote: Good for Larry Page. I agree that he should not pander to the idiots on Wall Street. They thrive of of making stock prices swing back and forth. Google thrives off its products. I think next time he should do the same and not give these bozos anything. Apr 18, 2011 1:17am EDT -- Report as abuse Ocala123456789 wrote: go private google… it is better… Apr 18, 2011 9:38am EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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