Here's Why Slack Stock Is Falling on Wednesday

The stock market overall was hovering near the flatline on Wednesday morning, with the S&P 500 and Nasdaq indices both down by less than 0.2% as of 11:30am EDT. Specifically, Morgan Stanley downgraded Slack to "underweight" from "equal-weight," and set a $27 price target on the stock, which is lower than the current share price, even after today's downward move. In the analyst's note, Morgan Stanley referred to an intensifying competitive landscape, especially from Microsoft teams and Zoom.