SalesForce shares are trading lower in sympathy with EPAM Systems, which lowered its FY24 revenue guidance.
Portfolio Pulse from Benzinga Newsdesk
SalesForce shares are trading lower due to EPAM Systems lowering its FY24 revenue guidance, indicating a negative market reaction to EPAM's financial outlook.
May 09, 2024 | 1:21 pm
News sentiment analysis
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NEGATIVE IMPACT
SalesForce shares are trading lower as a result of EPAM Systems reducing its FY24 revenue guidance, potentially affecting investor sentiment.
SalesForce's stock price decline is directly linked to EPAM Systems' announcement of lower future revenue, which can lead to negative investor sentiment towards companies in similar sectors or with business relationships.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
EPAM Systems lowered its FY24 revenue guidance, causing its own and related stocks like SalesForce to trade lower.
EPAM Systems' reduction in revenue guidance for FY24 is a significant factor for its own stock performance and has a sympathetic impact on related stocks such as SalesForce, indicating market concern over future earnings potential.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100