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Finance
Why Salesforce Stock Slumped on Tuesday
A gloomy update from a famous peer negatively affected investor sentiment on CRM company.
Stock market players were clearly uninterested in pursuing a relationship with customer relationship management (CRM) software king Salesforce(NYSE: CRM) on Tuesday. The veteran company's shares slid by more than 2% that trading session, as they were swept up in a broader rout of long-standing software companies.
This general bearishness can't be blamed directly on Salesforce. Rather, it can be tracked to the latest news from software titan International Business Machines. That company issued a preliminary quarterly earnings report Tuesday morning; both it and its shareholders probably now wish it hadn't.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
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