TradingKey – Alphabet’s soaring capital expenditures and negative cash flow hit its stock price, risking a further downward move to test support at $270.
On July 23, Eastern Time, pressured by sky-high capital expenditures (CapEx) and cash flow anxieties, Google’s parent company Alphabet ( GOOGL / GOOG) fell sharply by 3.5% in pre-market trading, losing the $333 support level established in late June, and was temporarily trading at $329.89.
Alphabet stock chart, Source: TradingView
Prior to the second-quarter earnings release, Alphabet’s stock price consolidated mainly at the high end of its key support range of $330–$370. Following the post-market earnings release, Alphabet’s stock price broke down through its key support level,…
