Why Slack Technologies, Macy's, and Intelsat Slumped Today
Stocks once again proved their resiliency on Tuesday, as major benchmarks found their way off their lows to recover significantly by the end of the session. In the absence of any major developments on key issues like trade, impeachment, and global macroeconomic conditions, investors seemed content to keep their attention on earnings reports and other company-specific news. For some companies, that news wasn't good, and many stocks finished sharply lower. Slack Technologies (NYSE: WORK), Macy's (NYSE: M), and Intelsat (NYSE: I) were among the worst performers. Here's why they did so poorly.
Shares of Slack Technologies dropped 8% as investors weighed the latest competitive threat to the workplace collaboration specialist's communication platform. Microsoft said that the Microsoft Teams app, which aims to do many of the same things that Slack does, reached the milestone of having 20 million daily active users. Slack has always argued that its platform encourages a great level of stickiness and interactivity, but the fact that Microsoft already has a huge presence in the corporate world gives it opportunities to encourage greater use of Teams. Time will show whether Slack can survive a Microsoft onslaught.
Image source: Slack Technologies.
Source Fool.com
