Alphabet shares fall the most in a week on Monday, Google to set up new $1-billion campus in New York

According to an announcement by Alphabet Inc’s Google on Monday, it intends to set up a new campus in New York in the latest effort to boost its presence in the technology corridor along the Hudson River.

Google said it would invest more than $1 billion in the 1.7 million square-foot site. Named Google Hudson Square, the campus is to include leased properties at Hudson Street and Washington Street.

Alphabet shares closed lower for a third consecutive trading session on NASDAQ on Monday. It has also been the steepest daily loss since December 7th. The stock went down 2.45% ($25.57) to $1,016.53, after touching an intraday low at $1,007.90, or a price level not seen since November 20th ($996.02).

Shares of Alphabet Inc have retreated 2.85% so far in 2018 compared with a 4.78% drop for the benchmark index, S&P 500 (SPX).

In 2017, Alphabet’s stock surged 35.58%, thus, it again outperformed the S&P 500, which registered a 19.42% return.

According to a blog post by the tech company, the new leased campus will represent the main location for Google’s global business organization.

In March this year, Google also said it had paid as much as $2.4 billion to acquire the Manhattan Chelsea Market.

Google Hudson Square and Google Chelsea are expected to enable the tech giant to more than double its New York personnel during the upcoming decade.

At present, Google employs over 7 000 people in New York.

”Our investment in New York is a huge part of our commitment to grow and invest in U.S. facilities, offices and jobs. In fact, we’re growing faster outside the Bay Area than within it,” Ruth Porat, Chief Financial Officer of Alphabet Inc and Google, was quoted as saying by Reuters.

According to CNN Money, the 41 analysts, offering 12-month forecasts regarding Alphabet Inc’s stock price, have a median target of $1,375.00, with a high estimate of $1,657.60 and a low estimate of $1,010.00. The median estimate represents a 35.26% upside compared to the closing price of $1,016.53 on December 17th.

The same media also reported that 36 out of 44 surveyed investment analysts had rated Alphabet Inc’s stock as “Buy”, while 3 – as “Hold”.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for Alphabet Inc (GOOG) are presented as follows:

Central Pivot Point – $1,049.01
R1 – $1,074.74
R2 – $1,107.37
R3 – $1,133.10
R4 – $1,158.82

S1 – $1,016.38
S2 – $990.65
S3 – $958.02
S4 – $925.38