Google has decided to close all of its four Basecamp stores in Los Angeles, San Francisco, New York City, and London, the physical retail shops where it sold Google Glass. Google Glass, now being called by many as “Google’s moonshot that missed”, came from their semi-secret facility, known as Google X. Google X is working on various projects ranging from space elevators and driverless cars to Loon.

Google X Loon is particularly interesting as Google tries to launch wind-borne balloons to circle the earth, while beaming Internet signals to billions of unconnected people, from high-altitudes. This month, a Google X web balloon was found crashed in South Africa and another crash happened in Nevada in June, damaging a utility pole.

Last week, Google X announced that they are developing a diagnostic wristband for early detection of cancer and impending heart attacks, using signals from magnetic nanoparticles that circulate through the bloodstream. This latest Google X project is already getting a firestorm of criticism from the experts in the field.

Dr. Chad Mirkin, Director of the International Institute for Nanotechnology at Northwestern University, says “At this point, the (Google) technology is speculative: it’s basically “a good Star Trek episode.” Unless Google can convince the FDA that its diagnostic device is safe and works as Google says, it could end up to be another “Google moonshot that missed”.

Google needs to grow other sources of revenue besides the revenues from advertisements as the growth of advertisement revenues, representing almost 89% of the total revenues, are slowing down. International revenues, which represent 58% of total revenues, are facing a major threat from European Union lawmakers as Google is being accused of multiple anti-trust charges.

In the past 52-weeks, Google stock [NASDAQ:GOOGL] has under performed, compared to the broad-based NASDAQ technology index. A break-up of the company by the EU, to be announced this Thursday, could mean a loss of European search revenues to its competitors and send Google’s stock to ~$511-$518 technical support levels.

Disclosure: No position in GOOGL.