Slack's stock drops after Morgan Stanley says Covid-related spending is going to rivals Microsoft and Zoom [CNBC]
Slack Technologies, Inc. (WORK)
Last slack technologies, inc. earnings: 3/12 04:15 pm
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Source: CNBC
Stewart Butterfield, chief executive officer of Slack Technologies Inc., right, with Allen Shim, chief financial officer of Slack Technologies, Inc., on the floor of the New York Stock Exchange (NYSE) during the company's initial public offering (IPO) in New York, U.S., on Thursday, June 20, 2019.Michael Nagle | Bloomberg | Getty ImagesWhatever benefitsMorgan StanleySlack shares dropped as much as 8% on Wednesday to $28.34 after Morgan Stanley analysts downgraded the stock to the equivalent of a sell rating and said the company is losing out toMicrosoftZoom"Massive work from home demand for collaboration tools may end up doing more harm than good for Slack," wrote the analysts, who have a $27 price target on the stock. "We see higher risk at current levels."In late March, Slack CEO Stewart Butterfield published alengthy threadTwitterThe stock jumped 17% that day and continued rising into early June. Butquarterly resultsZoom In IconArrows pointing outwardsSlack vs. Zoom and Microsoft t
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