The day after Google Eve is Google Day, when earnings are released. Google Day is like Groundhog Day, in that the same shit keeps happening over and over again. The earnings blow through the roof and the stock tanks. Like Bill Murray, I'm slowly coming to a state of acceptance, even celebration, of this.
What was it this time? I'll tell you: Schmidt didn't show up and they didn't tell us about it ahead of time. That's it. The investing world went into a tizzy. Even the Fast Money guys, two of whom are long GOOG, were clucking about it. Everybody agreed that it really wasn't bad, but it sounded bad.
When is everybody going to stop hyperventilating and realize that, when Google went public in 2004, they made it clear that they had a big job to do, revolutionizing the Internet, and they were going to spend all their time on that and none of it worrying about investor relations. That means no meetings with agendas on deciding when to announce the CEO's absence from the earnings show.
Schmidt was probably having a latte somewhere with Jobs, talking about interesting stuff.