Apple shares fall the most in a month on Tuesday, tech giant to create 2 000 new jobs in Seattle over five years

At a press conference earlier this week, Apple officials announced that the tech company planned to create 2 000 new jobs in Seattle over the upcoming five years in connection with a national expansion effort.

Last year, the tech giant said it intended to boost its workforce in Seattle to more than 1 000 people by 2022.

Apple shares closed lower for a third consecutive trading session on NASDAQ on Tuesday. It has also been the steepest daily loss since May 31st. The stock went down 1.52% ($3.01) to $195.57, after touching an intraday low at $195.35, or a price level not seen since June 18th ($195.21).

Shares of Apple Inc have added 23.98% to their value so far in 2019 compared with a 16.38% gain for the benchmark index, S&P 500 (SPX).

In 2018, Apple’s stock went down 6.79%, thus, it underperformed the S&P 500, which registered a 6.24% loss.

“These new jobs confirm what we already knew: We have the best talent and city anywhere,” Seattle Mayor Jenny Durkan was quoted as saying by CNBC.

“Apple’s expanded footprint in Seattle is another example of the growing opportunity that exists for residents of Seattle and the economic powerhouse our city has become,” Durkan added.

Apple has signed a lease at 333 Dexter for two 12-story buildings in Seattles South Lake Union neighborhood. The Seattle Times reported that over 3 000 employees would be based at the hub, which is to be officially opened by the end of 2019.

According to CNN Money, the 36 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $215.00, with a high estimate of $245.00 and a low estimate of $150.00. The median estimate represents a 9.94% upside compared to the closing price of $195.57 on June 25th.

The same media also reported that 20 out of 40 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 17 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock.

Weekly Pivot Levels

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

Central Pivot Point – $197.27
R1 – $202.36
R2 – $205.95
R3 – $211.04
R4 – $216.14

S1 – $193.68
S2 – $188.59
S3 – $185.00
S4 – $181.42