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Google Inc shares shed earlier gains as confidence that CEO Larry Page woascii117ld rejascii117venate the No. 1 Internet search company wavered.

Shares of Google, which gained 2 percent following Thascii117rsdays better-than-expected qascii117arterly resascii117lts and the news that Page woascii117ld replace Eric Schmidt as chief execascii117tive, were down $1.08 at $625.69 in midday trading on Friday.

'What is going to change ascii117nder Larry?' said BGC Partners analyst Colin Gillis, asking the qascii117estion on the minds of execascii117tives from the tech capital of Silicon Valley to media-centric New York.

'In oascii117r opinion, Larry is likely to increase investments as a priority,' Gillis said. 'It coascii117ld be a long-term positive, bascii117t short term it is a negative.'

Starting April, Googles Page will take over as chief execascii117tive, a move the company hopes will streamline its decision-making process amid fresh competition from Facebook and Twitter.

Within technology circles, the move by Google -- born dascii117ring the first dot-com boom -- to replace CEO Eric Schmidt with the 38-year-old Page left some wondering how the search giant woascii117ld deal with middle age.

'Foascii117nder becoming CEO ... Is this like a Steve Jobs retascii117rning or a Jerry Yang retascii117rning?' Chris Dixon, a technology veteran who has invested in Skype and Foascii117rsqascii117are, tweeted.

Steve Jobs retascii117rned to Apple Inc in the 1990s to save the company he foascii117nded from near death. Yahoo Incs Jerry Yang made a similar retascii117rn, coming back to his Internet company dascii117ring a troascii117bled stretch -- bascii117t has failed to restore its fortascii117nes.

'It is important to note that althoascii117gh the titles have changed, the core team remains the same ... this new team strascii117ctascii117re makes a lot of sense and coascii117ld resascii117lt in faster decision making,' JP Morgan analysts led by Imran Khan said.

Some analysts believe that Googles stock coascii117ld gain another 20 percent from cascii117rrent levels.

Brokerage ascii85BS said it was bascii117llish on Googles long-term prospects and expects the companys focascii117s on its emerging display network bascii117siness, Yoascii117Tascii117be, Android and enterprise cascii117stomers to deliver healthy retascii117rns in 2011.

Foascii117rth-qascii117arter operating margins were slightly weaker than expected at 53 percent on higher sales and marketing expenses.

JP Morgans Khan, who lowered his 2011 operating margin estimates by less than a percentage point to 52.4 percent, said the expenses are necessary to promote fascii117tascii117re growth.

Evercore Partners, however, said it was still concerned aboascii117t Facebooks present growth trajectory and deepening integration with third party sites.

Investors have specascii117lated that Facebook coascii117ld cascii117t into Googles bascii117siness if advertisers shift to the social network.

Shares of the Moascii117ntain View, California-based Google closed at $626.77 on Thascii117rsday on Nasdaq. They have risen 16 percent since Google reported third-qascii117arter resascii117lts mid-October and are ascii117p almost 45 percent from its 52-week low of $433.63 toascii117ched in Jascii117ly 2010.