Google Inc. (NADSAQ:GOOG) reported on Friday that it would shut down a music download service in China, further erasing its existence in the world’s most crowded Internet market two years following the firm shut down its mainland search engine in a clash over censorship and computer hacking.
Google (GOOG) reported that the 3-year-old service was unable to acquire the market effect it needed and would be closed down on Oct. 19.
The service, which was accessible only to computers with an Internet address in mainland China, was designed as an authorized substitute to Chinese pirate music sites. It shared advertising sales with global and Chinese music firms that have witnessed their potential sales weaken by out of control unlicensed piracy.
Its competitors include Facebook Inc (NASDAQ:FB) that surged +1.59% to $8.78 with the total traded volume of 32.31 million shares and Yahoo! Inc.(NASDAQ:YHOO) that dropped -0.35% to $15.73 with the total traded volume of 13.14 million shares.
Other Technology stocks with bullish trend include Vodafone Group Plc (ADR) (NASDAQ:VOD) up +1.21% to $28.89, NII Holdings, Inc. (NASDAQ:NIHD) up +0.64% to $8.26 and Activision Blizzard, Inc.(NASDAQ:ATVI) up +1.18% to $12.03, whereas with bearish trend include First Solar, Inc. (NASDAQ:FSLR) down -5.57% to $21.31, Adobe Systems Incorporated (NASDAQ:ADBE) down -2.06% to $33.82 and LSI Corporation (NYSE:LSI) down -1.01% to $7.36.
Google Inc (NASDAQ:GOOG) increased +0.57% or +$4.18 to trading at $732.31 following it hit intra day high level of $734.92. The total traded volume in the current trading session is 2.65 million shares as compared to average 2.27 million shares. Its fifty two week trading range is $480.60 – $734.92. The total market capitalization reached $239.49 billion.
The stock price was ahead its 52 week low price with +52.65% and it moved forward +0.31% from its 52 week maximum mark. Stock price volatility for last month remained 1.65%. In its share capital, the company has 327.03 million outstanding shares out of which 260.96 million shares have been floated in the market. For now, stock ownership with company’s management remained 0.11%.
GOOG presented an optimistic weekly performance of +3.13% with respect to its rate of return and it remained +8.75% for the month. However, the performance for a quarter experienced a positive change of +28.82% and it increased +35.04% for a year and its year to date performance remained in green with +12.73%.
Current stock price is in the upbeat territory taking into account of 20 days moving average with +5.50% and continued bullish run for 50 days moving average with +11.78%. Its earning per share for the past twelve months was $33.73. Company’s beta coefficient was at 1.07. Beta measures the amount of market risk associated with market trade.
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