THE GOOGLE INVESTOR: Will The New Google TV, Google Music And Chromebooks Be Dead On Arrival?

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GOOG Down As Market Gets Pounded
Stocks are taking a pounding in early trading as investors worry about the state of the global economy. That said, people are applying for fewer unemployment benefits, reversing the spike reported last week. Shares of GOOG are down but less so than the rest of the broader tech sector. 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; the roll-out and label backing of Google Music; and progress in other newer initiatives (+1, location-based services, mapping, gaming, etc.). The stock trades at approximately 12x Enterprise Value / EBIT, inexpensive relative to peers and historical trading levels.Google TV Based On Honeycomb Coming Later This Summer (GigaOM)
At Google I/O, the company gave its first look at a new user interface developed to highlight apps and search on the connected device OS. The Google TV user interface is a huge step forward from the software that was released last year; simplified search and central app location (Android Market). This new version will be based on Honeycomb and should arrive later this summer.

Google Music Beta Might Have A Leg Up On iTunes (Engadget)
In addition to unveiling two significant updates to its Android operating system at Google I/O, the company took the wraps off its long-discussed Google Music service and launched a new movie service for Android; Google Music Beta. It’s a cloud-based music service that lets users stream all songs from any device, and can work just as well without Android. That is where Google might have a leg up against iTunes. However, in terms of e-commerce, due to the record labels failing to bite, users never actually buy a track or album through this new service. Hardly an elegant solution.

Chromebooks Going After Microsoft’s Jugular (Various via techDygest)
Google finally launched Chrome OS-powered Chromebooks. Google also decided to beef up the Chrome Web Store in hopes of making it more competitive against Apple. Chromebooks will be available in June from Samsung and Acer for $20 a month for students and $28 for enterprises. The word consumer was not mentioned. Meaning Google is going after Microsoft’s bread and butter, the corporate IT department. Matt Rosoff at Business Insider says that has to put Steve Ballmer into a sweat.

Google’s Search Market Share Declines Marginally In April (comScore)
Google had 65.4% of searches in April, down from 65.7% in March, according comScore. Yahoo had 15.9% while Microsoft’s Bing service 14.1%, both up 0.2% from the prior month. The decline for Google comes as it tries to improve its search results. In March, the company unveiled social tools that help users recommend websites for search results while letting companies feature that information in advertisements.