In the prospectus, it specifically mentions that Facebook competes "with Google's social networking offerings, including Google+, which it has integrated with certain of its products, including search and Android. In addition, we compete with other, largely regional, social networks that have strong positions in particular countries..." While it does go on to say that Facebook will eventually move into new products, nowhere does it mention search, which is the core of Google's business. Given that Facebook is doing more than 1 billion inquiries a day, that seems like a fairly large business that investors would want to know about.

JPMorgan analyst Doug Anmuth noted that this was more of a "headline risk for Google, than a real, near-term fundamental concern, but the two companies could ultimately overlap more in search down the line." He rated Facebook shares overweight with a $30 price target.

While shares are reacting positively to the news Wednesday, color me skeptical on this issue for now. If it was such a big deal to the company, Zuckerberg and staff would've mentioned it by now.

Interested in more on Facebook? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

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