Facebook shares close lower on Wednesday, 500 job positions to be added in new engineering center in London

As many as 500 new tech jobs are expected to be added by Facebook Inc (FB) in London by the end of this year, out of which 100 will be in artificial intelligence. Many of the roles will be focused on detection and removal of malicious content, fake accounts and harmful behavior, the social media company said on Wednesday.

Facebook shares closed lower for the fourth time in the past thirteen trading sessions on NASDAQ on Wednesday. The stock went down 1.72% ($3.06) to $175.04, after touching an intraday low at $172.93, or a price level not seen since June 7th ($168.84).

Shares of Facebook Inc have risen 33.53% so far in 2019 compared with a 14.88% gain for the benchmark index, S&P 500 (SPX).

In 2018, Facebook Inc’s stock went down 25.71%, thus, it underperformed the S&P 500, which registered a 6.24% loss.

“These hundreds of new jobs demonstrate not only our commitment to the UK but also our determination to proactively detect and remove malicious content,” Nicola Mendelsohn, Facebook’s Vice President for Europe, Middle East and Africa, said during a London Tech Week event, cited by Reuters.

More than 3 000 people are to be employed in London by the end of 2019 across three sites, Facebook said, including a new engineering center in the Soho area in West End of London.

According to CNN Money, the 43 analysts, offering 12-month forecasts regarding Facebook Inc’s stock price, have a median target of $225.00, with a high estimate of $275.00 and a low estimate of $120.00. The median estimate represents a 28.54% upside compared to the closing price of $175.04 on June 12th.

The same media also reported that 36 out of 48 surveyed investment analysts had rated Facebook Inc’s stock as “Buy”, while 7 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Weekly Pivot Levels

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

Central Pivot Point – $169.75
R1 – $178.65
R2 – $183.96
R3 – $192.86
R4 – $201.77

S1 – $164.44
S2 – $155.54
S3 – $150.23
S4 – $144.93