Why EPAM Systems Is Crashing Today
Shares of software and technology consulting company EPAM Systems (NYSE: EPAM) are off by 43.3% as of 3:03 p.m. ET Monday, spurred lower by recent military conflict in eastern Europe, as well as the sweeping sanctions imposed against Russia this weekend following the country's invasion of Ukraine.
While the specter of expanded military conflict in eastern Europe isn't beneficial for any stock, it's particularly problematic for EPAM Systems. The company custom designs software and offers consulting services for a variety of industries all over the world. A great deal of its software development work, however, is done by coders located in Belarus, Ukraine, and Russia. Without any clarity as to when the conflict in those areas may end, today the company opted to withdraw its first-quarter and full-year earnings guidance. While work being done in those areas can be relocated -- as can many of those workers -- it's anybody's guess as to when normalcy might resume, if it ever resumes.
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Source Fool.com
