Shares of Google were gaining 1% to $1,204.54.
The new Android Wear brings Google services such as Google Now, Maps, Search, and Hangouts to smartwatches. The goal of the platform is to show users useful information as they need it on their wrist, eliminating the need to take out their smarphones. Users can interact with the platform either through small touchscreens on the wearable devices or through voice commands.
Voice commands will work like voice commands on the Motorola Moto X, users just say "Ok Google," and the device starts listening to voice commands.
Android Wear will also help smartwatches monitor users' health and fitness with real-time information available for walking, running, and cycling.
Google is working with a number of partners to create devices using Android Wear. Device manufacturers the company is working with include Asus, HTC, LG, Motorola, and Samsung. Chipmakers Broadcom (BRCM), Imagination, Intel (INTC), Mediatek, and Qualcomm (QCOM) will make components for the wearable devices. Fashion brand Fossil Group (FOSL) will also create a smartwatch powered by Android Wear.
Must read: Warren Buffett's 10 Favorite Stocks
TheStreet Ratings team rates GOOGLE INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation: