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Dan Frommer, The Business Insider
GOOG Down With Tech
Stocks are mixed after reports of rising initial jobless claims and a slower GDP growth. Shares of Google are down marginally with the rest of the tech tape, while the Dow Jones Industrial Average is slightly up. Upcoming catalysts include continued Android momentum; regaining ground in China and pushing into other emerging markets; updated software, adoption and media partners for Google TV; and progress in other newer initiatives (+1, location-based services, music-service, mapping, gaming, etc.). The stock trades at approximately 12x Enterprise Value / EBIT, inexpensive relative to peers and historical trading levels.Android Market Share Growth Accelerating At RIM’s Expense (Nielsen)
Google’s Android operating system rose to 37% U.S. market share compared with 27% for Apple’s iPhone through March, according to Nielsen. Nielsen also detected a preferential shift that reflects Android’s ascension, which has happened rapidly in the last six months. All of that came from RIM supporters defecting to the platform, as BlackBerry use fell five points to 22%. More evidence that Android is clobbering everyone and Apple is dead in the water according to Henry Blodget at Business Insider.
Baidu Squeezing Out Google Search In China Handset Market (The Next Web)
The general manager of Baidu’s wireless unit claims that 80% of Android-based handsets in China will soon have Baidu as default search engine. Baidu more than doubled its profit in the first quarter and forecast stronger-than-expected revenue for the second quarter, betting on strong online advertising demand among China’s businesses. Whereas the free and “open” Android platform has been a boon to Google in most places around the globe, in China the story is apparently different. Read more at Business Insider.
Facebook Launches Groupon Killer, Takes On Google Offers As Well (Various via techDygest)
Facebook launched a new local deals service (aptly called “Deals”) that allows users to get special offers and discounts directly through the home page as well as email and notifications. Sound familiar? The social networking is taking on Groupon and LivingSocial with offers intended to get people to socialize. After talks broke down surrounding the purchase of Groupon earlier last year, Google launched Google Offers. With Facebook now in the mix, Google’s offering will continue to struggle. Read more at Business Insider.
Google Will Continue To Add To The $350 Million Invested In Renewables (Reuters)
Google has not given up on its goal of making renewable energy cheaper than coal for consumers but it is not predicting victory soon, according to Rick Needham, director of green business operations. Google believes it can eventually help reduce the costs of renewables by spurring innovation and by showing other companies that renewables can be a good business opportunity. The company is exploring more opportunities in renewables, including enhanced geothermal.