Michael James: They fell again on Monday, dragging down the Nasdaq Composite index 2.4 percent to its lowest in nearly 1-1/2 years, according to Euro News. I think we’re in an environment right now of shoot first, ask questions later. Shares of cloud services companies such as Splunk Inc and Salesforce.com Inc had also declined sharply on Friday. That the mentality of technology investors right now, said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. These stocks had high valuations before the selloff on Friday, driven by years of hype that spending from enterprise customers was moving to big-data analytics and cloud computing. Any disappointment is being taken out to the woodshed.
(news.financializer.com). As
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Tagged under Michael James, cloud services topics.