China Renews Google’s (GOOG) License

Posted by on Jul 12, 2010 | No comment

Google Inc. (NASDAQ: GOOG) recently announced that China has renewed its license, allowing the company to continue to operate in the country. Google’s license had come up for renewal last week.

This is good news for Google as the company faced an exit from the Chinese market, which has some 400 million internet users and is growing. It may be recalled that Google had defied China’s censorship laws and started directing mainland users to its Hong Kong site, upsetting Chinese authorities. However, the company succumbed to the Chinese pressure and last week said that it would stop redirecting mainland users to its Hong Kong site, if its license is renewed. And the Chinese authorities today gave their nod much to the delight of Google.

Google’s shares are up 2.05% to $477.00 in mid-morning trading.

The Google stock has a 52-week range of $405.80-$629.51. It is currently trading below its 50-day and 200-day moving averages of $486.98 and $541.09, respectively. The consensus recommendation on the stock is Outperform. Currently, the stock has 18 Buy, 12 Outperform and 4 Hold ratings.

Google along with Apple Inc. (NASDAQ: AAPL), Motorola (NYSE: MOT), HTC, Microsoft (NASDAQ: MSFT) and LG were recently sued by NTP, a Virginia-based patent holder, for patent infringement. NTP has previously won a $612 million settlement against Research In Motion (NASDAQ: RIMM).

Apart from these developments, markets are keenly awaiting Google’s second-quarter results. The company will report its second-quarter results Thursday, July 15, 2010.

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BeaconEquity.com is committed to producing the highest-quality insight and analysis of small-cap stocks, emerging technology stocks, hot penny stocks and helping investors make informed decisions. Our focus is primarily OTC stocks in the stock market today, which have traditionally been shunned by Wall Street. We have particular expertise with renewable energy stocks, biotech stocks, oil stocks, green energy stocks and internet stocks. There are many hot penny stock opportunities present in the OTC market everyday and we seek to exploit these hot stock gains for our members before the average daytrader is aware of them.

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