(By Arun - iStockAnalyst Writer) The markets witnessed some high profile results on the 16th Oct which added some action to the upswing in the indices, adding a 4.6% increase in the Dow yesterday.

Google (NYSE:GOOG) reported a robust growth in profits despite the ailing economy. Google's third-quarter net income rose 26 percent to $1.35 billion, or $4.24 a share, from $1.07 billion, or $3.38, a year earlier. The company whose main source of revenue has been its ad words program has certainly seen cutbacks from some of its biggest spenders in the auto and the finance industry who have been facing the liquidity crunch. However, there are certain sectors who believe from transitioning from the traditional TV/print ads to more of online advertising which allow them to target a younger audience. Also, there is more action packed week ahead when Google would unveil its G1 or the phone which is slated to give its rivals Research In Motion (NASDAQ:RIMM) & Apple (NASDAQ:AAPL) a great deal of competition. Google has partnered with T-Mobile to launch its Android mobile operating software on Oct 22. Another factor to be watched around till its next quarter results would be the fact that the company has decided to add gambling advertisements in its search results in UK. Google banned gambling advertisements when the US Congress cracked down on the industry in 2004. The stock has once again managed to surprise the investors, given that the most of the analysts had downgraded the estimates for the company heavily off late but the stock is yet to recover from its all time highs and has retreaded heavily in this year.

International Business Machines (NYSE:IBM) too has managed to bring in some great results this quarter, which has surprised the markets. It goes to show that the IT behemoth still remains the bigwig in the information technology sector where it has ruled for several decades now and remains unchallenged. IBM earned $2.82 billion, or $2.05 per share, in the three months ended Sept. 30. That compares with net income of $2.36 billion, or $1.68 per share, in the year-ago period. The company emphasized that the cost cutting measures have helped them achieve operating efficiencies and it would continue to do so. Gross profit margin, or the profit on each dollar of sales once manufacturing expenses are stripped out, rose from 41.3 percent of sales to 43.3 percent of sales.

Advanced Micro Devices (NYSE:AMD) posted its ninth consecutive loss this quarter. However, this has been an improved performance over time. AMD's sales in the latest quarter totaled nearly $1.8 billion, an increase from $1.3 billion in the second quarter and $1.6 billion from a year ago. The company lost nearly $1.2 billion in the second quarter and $396 million in the third quarter a year ago. AMD is hinging its hopes on a new revival strategy that it has unfolded recently which speaks of a joint venture. As a part of the agreement an AMD subsidiary called the Foundry Co. will be created with up to $7.4 billion from the Abu Dhabi government-controlled investors to make chips for AMD, and other companies eventually.

Disclosure: The author does not own any stocks mentioned in this article.