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Alphabet shares close lower on Tuesday, Google launches Startup Growth Lab Programme in Israel

According to an announcement by Alphabet Inc’s Google on Tuesday, a four-month program has been launched in Israel with the purpose to help startup companies achieve growth in various geographies by having access to a selection of tools and industry insights.

Alphabet shares closed lower for the fifth time in the past nineteen trading sessions on NASDAQ on Tuesday. It has also been the steepest daily loss since May 1st. The stock went down 1.29% ($15.29) to $1,174.10, after touching an intraday low at $1,160.99, or a price level not seen since May 2nd ($1,155.24).

Shares of Alphabet Inc have risen 13.37% so far in 2019 compared with a 15.05% 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.

According to a report by Reuters, 8 companies have so far been picked for Googles Startup Growth Lab Programme, including DayTwo, a provider of personalized nutrition insights, and Guesty, a short-term property management platform.

The Startup Growth Lab Programme is to be run three times per year, while Google intends to prolong its cooperation with the startup companies even after the programs end.

“This is a program for startups that are beginning their growth period or have growth challenges,” Lior Noy, startup growth lead at Google, was quoted as saying by Reuters.

“We have a few teams that work with companies that are more mature and so we give them the best team to continue their growth,” Noy added.

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 14.98% upside compared to the closing price of $1,174.10 on May 7th.

The same media also reported that 37 out of 43 surveyed investment analysts had rated Alphabet Inc’s stock as “Buy”, while 2 – 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 – $1,209.97
R1 – $1,264.70
R2 – $1,344.00
R3 – $1,398.73
R4 – $1,453.46

S1 – $1,130.67
S2 – $1,075.94
S3 – $996.64
S4 – $917.34 is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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