Alphabet shares fall for a fourth straight session on Tuesday, Google asked to provide information related to security issue

October 10, 2018 9:46 am

According to a statement by Ireland’s Data Protection Commission on Tuesday, it will demand that Alphabet’s Google should provide more information about a security issue, as a result of which the data of at least 500 000 users may have been exposed to hundreds of external developers.

Alphabet shares closed lower for a fourth consecutive trading session on NASDAQ on Tuesday. The stock went down 0.88% ($10.15) to $1,138.82, after touching an intraday high at $1,154.35 and an intraday low at $1,137.57.

Shares of Alphabet Inc have risen 8.83% so far in 2018 compared with a 7.73% gain for the underlying 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.

Earlier this week, Google announced that the consumer version of its social network Google+ would be shut down, while its data sharing policies would be tightened, as user data (such as email address, name, gender, occupation and age) could have been exposed as a result of a “bug”.

The issue was discovered and patched in March during a review of Google’s practices to share information with other applications.

According to a Monday report by the Wall Street Journal, citing unidentified sources as well as a memo prepared for Google’s senior executives, the company decided not to reveal the security issue because of concerns over scrutiny by regulatory authorities.

“The Data Protection Commission was not aware of this issue and we now need to better understand the details of the breach, including the nature, impact and risk to individuals and we will be seeking information on these issues from Google,” Ireland’s data protection regulator said, cited by Reuters.

According to CNN Money, the 40 analysts, offering 12-month forecasts regarding Alphabet Inc’s stock price, have a median target of $1,402.50, with a high estimate of $1,657.60 and a low estimate of $1,080.00. The median estimate represents a 23.15% upside compared to the closing price of $1,138.82 on October 9th.

The same media also reported that 36 out of 44 surveyed investment analysts had rated Alphabet Inc’s stock as “Buy”, while 4 – 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 – $1,170.81
R1 – $1,196.50
R2 – $1,235.65
R3 – $1,261.34
R4 – $1,287.03

S1 – $1,131.66
S2 – $1,105.97
S3 – $1,066.82
S4 – $1,027.67

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