Google's China Standoff Won't Hurt Too Much
Posted at 11:40 a.m. EST, Jan. 13, 2009

Is Google's(GOOG Quote) China imbroglio much ado about nothing? Well, the first rule of trading is that when you have a premium multiple, the only news you want to hear is that business is getting better. You need an accelerating growth rate to keep a 30 multiple, and this news doesn't help.

Plus there are mitigating factors. China is just not that big for Google, and the wild high estimates of a loss of $600 million in revenue can't be used to figure out what the real impact will be.

[Link]

So, no freakout on Google, but a multiple crimper for certain.

At the time of publication, Cramer was long AAPL and CHU.

Note: I am long AAPL.