These 2 Cloud Stocks Have Investors Thinking the Bear Market Isn't Over Yet
The stock market has done extremely well lately, so it isn't surprising that at least for a short time, the rebound in major market benchmarks would have to take a pause. For the growth-heavy Nasdaq Composite (NASDAQINDEX: ^IXIC), investors seemed prepared for a decline on Friday morning, although the roughly 0.9% drop in the Nasdaq after the market opened was well off lows from earlier in the overnight period.
Not every cloud computing company has its stock trade on the Nasdaq, but collectively, the influence of share-price movements in the sector has made itself felt. Cloud stocks have followed the broader tech trend higher in recent weeks, but earnings from two companies late Thursday poured some cold water on the enthusiasm for the sector. Read on to learn why Bill.com (NYSE: BILL) and Atlassian (NASDAQ: TEAM) were falling sharply Friday morning.
Shares of financial automation software company Bill were down 23% as of 10 a.m. ET. The cloud software business's fiscal second-quarter financial results for the period ending Dec. 31 featured ongoing growth, but shareholders seemed to react negatively to its outlook for 2023.
Source Fool.com
