Adobe, Salesforce lead software decline amid broader market sell-off
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Adobe (NASDAQ:ADBE) and Salesforce (CRM) led software stocks deep into the red on Tuesday amid one of the worst sell-offs in tech stocks in over a month.
Adobe (ADBE), which reported second-quarter results last month that spooked investors due to weak guidance, fell more than 3% to $401.49 a share, its lowest level since June 2020.
Salesforce (CRM) also fell nearly 3%, to $169.45, a share, in mid-day trading on Tuesday, its lowest level since May 2020.
Several other software names were weaker on Tuesday, including tech stalwart Microsoft (MSFT), Oracle (ORCL), Intuit (INTU) and IBM (IBM), all of which declined between 2% and 4%.
Microsoft (MSFT) is set to report third-quarter earnings after the close of trading on Tuesday. A consensus of Wall Street analysts estimates that Microsoft (MSFT) earned $2.20 per share on $49.05 billion in sales during the quarter.
On Monday, Wedbush Securities said the results from Microsoft (MSFT) and Apple (AAPL) "could dictate the path of tech stocks over the coming months."
On Monday, Wedbush Securities said the results from Microsoft (MSFT) and Apple (AAPL) "could dictate the path of tech stocks over the coming months."