Investors on Edge as Google (GOOG) Threatens to 'Pull an Apple'
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Shares of high flying tech stock Google (Nasdaq: GOOG) broke down on Friday, declined 2 percent. Broader markets were also lower on Friday, with the S&P 500 down 0.7 percent heading into the close of trading. The declined follows a dismal March government jobs report.
For Google, traders are paying close attention to technical levels like the 50 day moving average, which was breached on Thursday. Tech traders are especially sensitive to technical patterns after Apple (Nasdaq: AAPL) stock rolled over last year, dropping 40 percent from its all time high of $700 per share, despite what many said were rosy fundamentals. At the time Apple estimates were as high as $1000 per share.
Similarly, Google shares reached new highs at $844, and it too was blessed with a $1000 price target. Since then Google stock declined 8 percent, causing some to question if the so-called blessing is really more like a ‘kiss of death’.
For now Google losses are manageable, but if the stock "pulls an Apple" it would be a painful blow to investors, not to mention the slew of analysts who still rate Google Buy. Of the analysts tracked by Streetinsider.com 39 rate Google Buy, 14 rate it Neutral, and there is only one Sell rating.
For Google, traders are paying close attention to technical levels like the 50 day moving average, which was breached on Thursday. Tech traders are especially sensitive to technical patterns after Apple (Nasdaq: AAPL) stock rolled over last year, dropping 40 percent from its all time high of $700 per share, despite what many said were rosy fundamentals. At the time Apple estimates were as high as $1000 per share.
Similarly, Google shares reached new highs at $844, and it too was blessed with a $1000 price target. Since then Google stock declined 8 percent, causing some to question if the so-called blessing is really more like a ‘kiss of death’.
For now Google losses are manageable, but if the stock "pulls an Apple" it would be a painful blow to investors, not to mention the slew of analysts who still rate Google Buy. Of the analysts tracked by Streetinsider.com 39 rate Google Buy, 14 rate it Neutral, and there is only one Sell rating.
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