Market Preview: When Bearishness is Bullish

And finally, the earnings headlines from tech heavyweights kept coming after Thursday's closing bell as both Google(GOOG) and Microsoft(MSFT) topped Wall Street's profit expectations with their quarterly reports but came in light on revenue.

Google reported non-GAAP earnings of $3.35 billion, or $10.12 a share, on revenue excluding traffic acquisition costs of $8.36 billion for the second quarter vs. the average analysts' estimate for a profit of $10.04 a share on revenue of $8.41 billion. The stock was last quoted at $611.44. up 3.1%, on after-hours volume of less than 1 million, according to Nasdaq.com.

Thanks to strength in its server and tools business, Microsoft posted a non-GAAP profit of $6.93 billion, or 73 cents a share, for its fiscal fourth quarter. Revenue totaled $18.06 billion. The consensus was for earnings of 62 cents a share on revenue of $18.13 billion. Microsoft shares added 2.5% to $31.42 in extended trades.

Other big movers late Thursday were SanDisk(SNDK) and Chipotle Mexican Grill(CMG) .

Shares of flash memory specialist SanDisk were surging more than 11% after the company reported non-GAAP earnings of $51 million, or 21 cents a share, for the second quarter with revenue totaling $1.03 billion. The performance topped the average estimate of analysts polled by Thomson Reuters for a profit of 18 cents a share on revenue of $1.02 billion.

Meanwhile, Chipotle's stock was moving in the opposite direction, losing 12% in extended action after the Denver-based restaurant operator's second-quarter profit topped Wall Street's view but the top line wasn't quite up to snuff. For the three months ended June 30, Chipotle earned $2.56 a share on revenue of $690.9 million vs. the consensus estimate for a profit of $2.30 a share on revenue of $707 million. The company backed expectations for comparable restaurant sales growth in the mid-single digits for the full year.

Chipotle's stock closed Thursday's regular session at $403.86, up 20% year-to-date, but the shares were plunging $47.35 to $356.51 after the close on volume of nearly 600,000. With a forward price-to-earnings multiple of 36.4X, Chipotle is especially vulnerable to pulling back on even the slightest disappointment.