Google is testing a new label in the search results, specifically found in the mobile search results. The label is in red and says "Live." I assume it highlights live coverage of a news topic, that is breaking and happening in real time.
Bryson Meunier posted a screen shot of it on Twitter, here is a copy:
The LIVE label highlights a story from the Guardian that says "live" in the title tag of the page and seems to be live blog coverage of the suspension of Sepp Blatter, which broke yesterday.
Google is constantly testing, but I'd be surprised if this "live" label sticks and gets past the tests.
Forum discussion at Twitter.