Connect with us

Hi, what are you looking for?

Stocks

Stocks In Software Down

Stocks in software fell on Monday after a two-month rally for enterprise software and cyber-security stocks culminated in the broader software industry taking a hit. The stocks have given way to profit-taking, resulting in a slew of shares taking a hit.

Salesforce.com (CRM), Splunk (SPLK), and many others have taken a hit this week. IBD’s Computer Software Enterprise and Computer Software Security groups have also had their worst days since the start of the new year. Both of these groups had bottomed on December 24th as they sold off their technology stocks. It is most likely that this news is the result of a sell-off rather than a sign of another tech stock tumble. Several tech stocks have performed below expectations despite reporting better-than-expected earnings, which could be a sign of profit-taking.

CRM shares fell 3.7% on Monday, while Twilio (TWLO) fell 6%. Atlassian (TEAM), Splunk (SPLK), and Okta (OKTA) fell 5.6%, 5%, and 8%, respectively. Despite this news, it is unlikely that the software industry or the broader tech industry will take a serious tumble soon.

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...

News

Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...

News

Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...