Wednesday Apple Rumors — Google Revealing Music Store

Here are your Apple rumors and AAPL stock news items for Wednesday:

Google to Reveal Music Store on Wednesday: Google‘s (NASDAQ:GOOG) iTunes competitor has reached mythical status in the realm of technology industry rumor. Rumor should become reality Wednesday, though. A report at Bloomberg said Google finally is ready to reveal its service to the public. Citing sources familiar with the company’s plans, the report said Google will debut its music store at an event in Los Angeles. The new store will offer a variety of services, including cloud storage of purchased music. However, it’s unclear what will distinguish Google’s store from its competitors — not just Apple (NASDAQ:AAPL), but Amazon (NASDAQ:AMZN) and streaming services like Pandora (NYSE:P).

HP Sets Sights on MacBook Air With New Ultrabook: Intel‘s (NASDAQ:INTC) slim, light Ultrabook PCs haven’t been selling so well. When it comes to streamlined laptops, Apple’s MacBook Airs have been sucking up the sales attention. Leave it to Hewlett-Packard (NYSE:HPQ) to take a wild swing at Apple, though. A Wednesday report at Apple Insider highlighted HP’s latest Ultrabook release, the Folio13. The new slim laptop will retail for $900, undercutting Apple’s comparably sized 13.3-inch MacBook Air by $400 and the smaller 11-inch model by $99. HP will release the Folio13 on Dec. 7.

Sprint, Verizon Not Cutting Into AT&T iPhone Subscribership: AT&T (NYSE:T) is hanging tough in the U.S. iPhone race. Despite the fact that the company’s one-time exclusivity has been yielded to competing telecoms Verizon (NYSE:VZ) and Sprint (NYSE:S), the company isn’t seeing its subscriber base drop, according to a Wednesday report at Market Watch. Glen Lurie, president of emerging devices at AT&T, said, “Churn has not moved at all,” according to the report. Churn is the number of mobile phone users that cancel subscriptions with a given company. Speaking of Apple’s competitors, though, Lurie said that just because the iPhone continues to be popular doesn’t mean other devices are dying off. Lurie cited Research In Motion‘s (NASDAQ:RIMM) BlackBerry line and Nokia‘s (NYSE:NOK) phones specifically as devices crucial to AT&T’s future.

As of this writing, Anthony John Agnello did not own a position in any of the stocks named here. Follow him on Twitter at�@ajohnagnello�and�become a fan of�InvestorPlace on Facebook.