Cramer Not Worried About Salesforce.com Slide
Coming out of the Twittersphere Monday morning: Jim Cramer re-assures a trader who is concerned about Salesforce.com's (NYSE: CRM) revenue figures. Cramer attributes the recent sell off in the stock to a rotation, as fellow cloud names have been sliding along with Salesforce.com.
— Marcus G (@M_M_B_G) March 24, 2014
In last Friday's edition of Mad Money, Cramer offered more details on other cloud names such as Workday and Cornerstone OnDemand.
To summarize the segment, Cramer discusses two new cloud companies set to IPO on March 28, 2U, Inc and Aerohive Networks and what they mean for the other established cloud players mentioned above.
“At a certain point, this decline...has to be braced, it has to stop. You just can't have an unlimited number of brand new untried and maybe even untrue cloud plays going to a premium at the same time best in breed cloud plays keep getting hammered,” said Cramer.
Shares of Salesforce have been under pressure since the company reported fourth quarter results on February 27 after the market close. The next day, shares reached an all-time high of $67, but closed at $62.37, forming a bearish engulfing bar.
Shares are currently trading at $57, 15 percent off its all-time high.
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