The headline numbers at Google (GOOG) were $1.29B in sales and $1.54 EPS, versus expectations of $1.29B and $1.76. The stock just opened down $80 to $350 in the extended hours session. The reason for the EPS miss was a higher tax rate (41.8%) than what most people expected (26%-30%). Had the rate been in-line with estimates, EPS would have beat consensus by a few cents. The company said it expects a 30% tax rate in 2006, so it could be a one-time hiccup and not that big of a deal. I am going long a little stock into the conference call, thinking that the initial reaction might be too violent to the downside after we hear what they have to say. It should be interesting.