Alphabet shares fall for a second straight session on Friday, Google to establish new data center in Hamina, Finland

May 28, 2019 7:13 am

According to a Monday report by Reuters, Alphabet Inc’s Google intends to establish a new data center in Hamina, Finland. The tech company said it would invest nearly EUR 600 million in the project.

Alphabet shares closed lower for a second consecutive trading session on NASDAQ on Friday. The stock went down 0.64% ($7.30) to $1,133.47, after touching an intraday high at $1,149.77, or a price level not seen since May 22nd ($1,158.52).

Shares of Alphabet Inc have risen 9.45% so far in 2019 compared with a 12.73% gain for the benchmark index, S&P 500 (SPX).

In 2018, Alphabet’s stock went down 1.03%, thus, it outperformed the S&P 500, which registered a 6.24% loss.

“The demand for Google services is growing daily and we are building our data center infrastructure to match this demand,” Antti Jarvinen, Google’s Finland country head, said in a statement, cited by Reuters.

The company already operates one data center in Hamina, a site that, before its conversion, represented an old paper mill and was acquired by Google from paper company Stora Enso in 2009.

According to Google, its existing facility in Hamina is among its most advanced and efficient data centers. In order to diminish the use of energy, the site’s cooling system utilizes seawater from the Gulf of Finland.

According to CNN Money, the 37 analysts, offering 12-month forecasts regarding Alphabet Inc’s stock price, have a median target of $1,350.00, with a high estimate of $1,500.00 and a low estimate of $1,150.00. The median estimate represents a 19.10% upside compared to the closing price of $1,133.47 on May 24th.

The same media also reported that 35 out of 42 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 – $1,140.40
R1 – $1,151.59
R2 – $1,169.70
R3 – $1,180.89
R4 – $1,192.07

S1 – $1,122.29
S2 – $1,111.10
S3 – $1,092.99
S4 – $1,074.87

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