Google has 2 good news for that may potentially prop up GOOG to the above $500 level, and maybe the above $600 level by the end of the year.

The first good news is Google TV, essentially a service competing Apple TV (which was a flop) and Netflix. Google TV consists of a partnership with Sony, DISH Network, Logitech, and Intel to provide internet TV stream, on your TV. In other words, you can watch regular TV channels through the Internet, and not through your cable provider. You can also watch Internet videos from Internet video websites (such as Youtube). You can also record your favorite videos as well (I can see copyrights issues here). I am not advertising for this service, but I think it’s something that everyone has been waiting for for so long. I think this service, if it works, has a huge potential, and can generate a lot of money for Google, and its investors.

The second good news is Google Instant, which is an enhancement of the current search engine. This enhancement, according to Google, will reduce search time, and enhance the user experience while searching. Honestly I don’t like it (I can turn it off), but people generally have positive opinions about it. Now this news might not sound important, but I think that any thing done on the search engine means that Google is still trying to perfect things, which is good, from an investor’s perspective. My personal opinion is that the Google search is as good as it is when it comes to searching using your keyboard (Hey Google, how about voice search?).

Now let’s look at GOOG, it is currently trading at $470, and going up almost $7 in the pre-market (investors like good news). GOOG has a problem, for months now, to maintain the $500 level, let’s see if they can hold when it’ll probably go up to that level next week.

Other stocks affected especially by the first news are:

SNE: Sony, a scary stock trading at 113 P/E. I would really stay away from it.

DISH: Dish networks, a decent stock, with a decent entry point below $18. DISH is trading at $18.37 at the moment. DISH has a huge potential to be bought by Google in case this whole Google TV thing worked (or maybe even before).

INTC and LOGI, would also be positively affected, but I don’t know to what extent. Both are good stocks by the way.

NFLX: Netflix has to watch out for the TV move by Google. I mentioned before that this a horrible stock, and now, at $146, it is even more horrible. NFLX is trading at an all time high ($147.83) in the pre-market.