Microsoft Corporation (MSFT) on Tuesday evening announced plans to reconstruct its renowned Redmond campus, which would allow space for 8 000 new employees. The project is expected to take 5 to 7 years to complete.
Microsoft shares closed lower for the second time in the past seven trading sessions on Wednesday. It has also been the steepest daily loss since June 29th. The stock went down 1.81% ($1.54) to $83.34, after touching an intraday low at $83.19, or a price level not seen since November 24th ($82.78).
In the week ended on November 26th the shares of the tech giant added 1.04% to their market value compared to a week ago, which marked the seventh gain out of nine weeks.
However, due to yesterdays slump, the stock has pared its advance to 0.19% so far during the current month, following an 11.67% surge in October. The latter has been the best monthly performance since October 2015.
For the entire past year, the shares of the NASDAQ-listed company rose 12.00%. The stock has gained another 34.12% so far in 2017.
Under the project, 18 new buildings and 6.7 million square feet of renovated workspace are expected to be added.
The project also envisages a $150 million investment in transportation infrastructure improvements, public spaces, green space and sports fields.
“When this project is complete, our main campus will be comprised of 131 buildings — including the equivalent of 180 football fields of new and renovated space — of modern workspace for the 47,000 employees who work here every day, plus room to expand operations and add up to 8,000 more people”, Brad Smith, Microsofts President, said in a post on the companys blog, cited by CNBC.
According to CNN Money, the 31 analysts, offering 12-month forecasts regarding Microsoft’s stock price, have a median target of $92.00, with a high estimate of $120.00 and a low estimate of $57.00. The median estimate is a 10.39% surge compared to the closing price of $83.34 on November 29th.
The same media also reported that 26 out of 35 surveyed investment analysts had rated Microsoft’s stock as “Buy”, while 7 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, today’s levels of importance for the Microsoft stock are presented as follows:
R1 – $83.50
R2 – $83.66
R3 (Range Resistance – Sell) – $83.81
R4 (Long Breakout) – $84.29
R5 (Breakout Target 1) – $84.84
R6 (Breakout Target 2) – $85.06
S1 – $83.18
S2 – $83.02
S3 (Range Support – Buy) – $82.87
S4 (Short Breakout) – $82.39
S5 (Breakout Target 1) – $81.84
S6 (Breakout Target 2) – $81.62
By using the traditional method of calculation, the weekly levels of importance for Microsoft Corporation (MSFT) are presented as follows:
Central Pivot Point – $83.14
R1 – $84.02
R2 – $84.79
R3 – $85.67
R4 – $86.56
S1 – $82.37
S2 – $81.49
S3 – $80.72
S4 – $79.96