Enterprise software stocks move mostly down ahead of earnings
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ServiceNow (NYSE:NOW) kicks off the earnings season for enterprise software companies today, but most stocks in the sector were trending down by afternoon trading.
ServiceNow had slipped 1%. A consensus of analysts expects the IT service management company to report earnings per share of $3.45 on revenue of $2.75B after the markets close.
IBM (NYSE:IBM) also reports after the bell tonight. Shares of Big Blue were relatively static. Wall Street estimates IBM to report earnings per share of $2.23 on revenue of $15.08B for the quarter.
Salesforce (NYSE:CRM), one of the strongest names in the customer relationship management sector, was down 1%. It reveals its latest quarterly report post-market on November 27.
Oracle (NYSE:ORCL) was about 0.5% lower. SAP (NYSE:SAP), which released its financial report earlier this week, was an outlier and ticked up 1%. Intuit (NASDAQ:INTU), Workday (NASDAQ:WDAY) and Adobe (NASDAQ:ADBE) all slid 1%.
Microsoft (NASDAQ:MSFT), which releases its earnings on October 30, was down less than 1%. Atlassian (NASDAQ:TEAM), which reports the following day on October 31, had dropped the most among this group at 3%.