Why Cloudflare Stock Slumped Nearly 15% This Week
Shares of edge network software company Cloudflare (NYSE: NET) are down nearly 14% this week. There wasn't any bad news. The slide is likely just an overdue cooling-off. Shares are up nearly 180% over the last trailing 12-month period.
But scapegoats for the decline in the final days of September abound anyway. The 10-year treasury interest rate rose to over 1.5% this week (higher interest rates lowers the value of future earnings, which tends to hit high-growth names like Cloudflare) and ongoing political turmoil in Washington D.C. and a possible default on government debt, if Congress doesn't act, were the likely catalysts for Cloudflare hitting the skids.
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Source Fool.com
