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Why Salesforce Stock Slumped on Friday

Why Salesforce Stock Slumped on Friday

Shares of customer relationship management software giant Salesforce (NYSE: CRM) slid 2.4% through 11 a.m. ET Friday, and there's just one reason for this: Wolfe Research. A confirmed Salesforce bull for the past 10 years, Wolfe Research this morning announced it has downgraded Salesforce stock from outperform to market perform for the first time in a decade. As StreetInsider explains today, "following a Covid pull-forward" in sales, Wolfe thinks that Salesforce's business is "materially decelerating" and the company is entering a "new and difficult chapter" in its corporate life.