HP's China Plans; Google Plus Demand

NEW YORK (TheStreet) -- HP(HPQ) CEO Leo Apotheker says the company is focusing on accelerating the company's business in China. New initiatives include cloud computing offerings and research development centers.

HP has struggled to grow its PC business in China, with its market share in the country falling to 9.3% in the most recent quarter, down from 11.1% in the same quarter the year prior.

Shares of HP rose 1.2% to $35.99 in pre-market trading on Thursday.

In other HP-related news, the company has been in talks about licensing its WebOS mobile software to handset manufacturers, according to Bloomberg. The operating platform would give smartphone users a choice beyond market leaders Google(GOOG) Android and Apple(AAPL) iOS and would let HP bolster another part of its business as PC sales decline.

Google has been forced to shut down invites for its newly launched Google + project on Wednesday night because of overwhelming demand, according to a company blog post. Google +, a new social network, is aimed at taking market share from Facebook.

Shares of Google rose 0.8% in pre-market trading on Thursday.

Myspace has been purchased by online advertising network Specific Media for $35 million, and pop star Justin Timberlake will serve as the new face of the company. Timberlake is also taking on an ownership stake in Myspace. News Corp.(NWSA) had acquired the social network for $580 million in 2005.

Twitter co-founder Biz Stone is leaving the company to join fellow co-founder Evan Williams at start-up incubator Obvious Corp., he said on his personal blog.

"It has come to my attention that the Twitter crew and its leadership team have grown incredibly productive," he said. "I've decided that the most effective use of my time is to get out of the way until I'm called upon to be of some specific use."

--Written by Olivia Oran in New York.

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