Cloud stocks are seeing sharp declines

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March 27, 2019 4:00pm NASDAQ:SKYY

NASDAQ:SKYY | News, Ratings, and Charts

From Sara Salinas:


  • The companies posted sharper declines than the overall market.
  • Cloud stocks are often among the hardest hit when markets fall, as investors give back some of the sector’s impressive gains.

Cloud stocks are getting clobbered Wednesday, posting sharper declines than the overall market.

Here’s where some major cloud firms stood as of 2:00 pm in New York:

  • Nutanix, down 7 percent to trade around $37
  • Zuora, down 4 percent to trade around $19
  • Atlassian, down 4 percent to trade around $106
  • Twilio, down 4 percent to trade around $126
  • Okta, down 3 percent to trade around $81
  • Salesforce, down 3 percent to trade around $155
  • Dropbox, down 2 percent trade around $21
  • Box, down 2 percent to trade around $18
  • Veeva, down 2 percent to trade around $123
  • Workday, down 1.5 percent to trade around $189

For comparison, the S&P 500 and Nasdaq Composite declined just 0.8 percent and 1.1 percent, respectively.

Cloud stocks are often among the hardest hit when markets fall, as investors give back some of the sector’s impressive gains.

Even after Wednesday’s losses, Twilio is up more than 220 percent in the last 12 months, Atlassian and Okta are each up about 100 percent during the same period, and Veeva is up almost 70 percent.


The First Trust Cloud Computing ETF (SKYY) was trading at $56.84 per share on Wednesday afternoon, down $0.41 (-0.72%). Year-to-date, SKYY has gained 24.00%, versus a 5.40% rise in the benchmark S&P 500 index during the same period.

SKYY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #12 of 68 ETFs in the Technology Equities ETFs category.


This article is brought to you courtesy of CNBC.


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