Google (GOOG) Share Climb In Premarket, Amazon (AMZN) Reports Brisk KIndle Sales

Google Inc. (NASDAQ:GOOG) is seeing quite a boost in the premarket trading Monday after a Citi Investment Research analyst upgraded the online search leader, citing a recent stock price drop and consistent revenue growth.

The analyst, Mark S. Mahaney, upgraded Google to “Buy” from “Neutral.” He’d downgraded the stock in mid-April, but Google’s stock price has declined since then while its revenue has grown 28 percent, not counting acquisitions.

The company, he added, has also started to show signs that its profit margin is stabilizing, and its stock price value “has become more attractive as estimates have increased while its share price hasn’t. This “is essentially the dip we have been looking for,” Mahaney said.

Google’s shares climbed $15.08, or 2.7% to $578.08 in premarket trading on Monday. The stock closed at $563 on Friday, down nearly 4 percent since the beginning of April. Inc. (NASDAQ:AMZN), the Seattle online retailer, reported on Monday that Black Friday sales of its Kindle electronic-book reader quadrupled from a year earlier. markets four versions of the Kindle, at $79, $99, $149 and $199.

“This was a great Black Friday for Target and for Kindle Fire, which was the bestselling tablet in our stores on Black Friday,” said Nik Nayar, vice president merchandising, Target. “We’re excited so many guests chose Target as their destination for the new family of Kindle devices and we’re sure Kindle Fire will continue to be at the top of wish lists this holiday season.”“Even before the busy holiday shopping weekend, we’d already sold millions of the new Kindle family and Kindle Fire was the bestselling product across all of Black Friday was the best ever for the Kindle family – customers purchased 4X as many Kindle devices as they did last Black Friday – and last year was a great year,” said Dave Limp, Vice President, Amazon Kindle. “In addition, we’re seeing a lot of customers buying multiple Kindles – one for themselves and others as gifts – we expect this trend to continue on Cyber Monday and through the holiday shopping season.”

Shares of Amazon (AMZN) were trading at 189.99, up 7.59 or 4.16% in the premarket.

Google (GOOG) Launches Online Music Store

Google Inc. (NASDAQ:GOOG) unveiled its new online music store on Wednesday as the online search engine company makes a move to challenge market leaders Apple Inc. (NASDAQ:AAPL) and Inc. (NASDAQ:AMZN).

The new music service from Google will include millions of songs from record labels EMI, Sony Music, and Universal. Music from the Warner Group will not be included. Google’s new service is primarily a music download store in a similar mold to Apple Inc’s eight year-old iTunes Music Store, the biggest music retailer in the world.

Google has signed up a number of independent labels as well and there was the vague promise of a potential Warner deal in the future. For now, Google is differentiating itself from the competition by allowing artists who self-release their music to directly upload their songs for purchase on Google Music and set their own pricing schemes.

Google, which introduced the service at an event at the Mr. Brainwash Studios in Hollywood, California on Wednesday, said consumers in the United States will be able to purchase the music through its Android Market, which offers smart-phone apps, electronic books and videos.

Google Music also lets users share the music they’ve bought with friends via the Google+ social networking platform. Once you’ve purchased a song or album from the Android Market, you can then send a stream to a pal using Google+ and they can listen to the tune once for free. The service, with prices similar to those on iTunes, will also be offering a free song of the day and is currently touting exclusive tracks from a number of artists, including Coldplay, the Rolling Stones and Busta Rhymes.

Shares of Google were trading at 611.10 at 8:42 am ET in the pre-market.

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