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Reportedly, search giant Google Inc. has announced the beginning of installation of its high-speed Internet service through its fiber-optic network to Provo, Utah.

In April, Google announced its plans to bring its ultra high-speed service named Google Fiber to Provo by the end of 2013. In this regard, the company recently purchased an existing fiber-optic network – iProvo – which has been upgraded to gigabyte speed. Google first launched its Google Fiber service in Kansas City and then expanded the service to Austin, Texas and Shawnee, located outside Kansas City.

Google provides the service under three plans. In the first one, the residents pay $70.0 a month solely for the Internet connection. The second plan comes at a price of $120.0 and offers TV service, a digital video recorder and a set-top box along with a tablet-computer remote control. The third option offers seven years of free Internet access at a slower speed for which the customer needs to pay only a one-time installation fee of $300. Additionally, on paying the installation charge of $30, Google will offer a 5mbps connection for free for seven years.

Google is banking on its speed to attract users. The company stated that its Fiber internet is up to 100 times faster than other high-speed connections offered by cable providers. This can open another growth avenue for the company as speed tends to limit video and other data-heavy activities through the Internet. Whether Google can make it commercially viable is still not clear because others (Verizon and AT&T) have previously tried and failed. However, if successful, Google TV could catch on fast.

Google has posted strong third-quarter result, with its earnings exceeding the Zacks Consensus Estimate due to solid growth in the core business, a growing digital business, good cost control and a lower tax rate. However, its ad technology has not kept up, leading to poorer ROI for advertisers, which has affected spending on Google platforms.

Currently, Google retains a Zacks Rank #3 (Hold). Other stocks that are performing well at current levels include Melco Crown Entertainment Limited (MPEL - Snapshot Report), Best Buy Inc. (BBY - Analyst Report) and Northern Oil And Gas Inc. (NOG - Snapshot Report). All these stocks carry a Zacks Rank #1 (Strong Buy).

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