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BUZZ-US software stocks extend losses, no respite after recent selloff

Reuters
19 hours ago
BUZZ-US software stocks extend losses, no respite after recent selloff

** Shares of U.S. software companies extend declines after steep losses over the past two weeks

** The S&P 500 Software and Services sector .SPLRCIS falls 1.7%, with more than 90% of its components trading lower

** Cloud software provider Salesforce CRM.N drops 2.8% as at least three brokerages cut their PTs on stock; CRM biggest decliner on the Dow .DJI on Tuesday

** Data analytics firm FactSet Research FDS.N loses 8% and U.S.-listed shares of Thomson Reuters TRI.TO fall 4.7%; BofA Global Research reinstates coverage with "underperform" and "neutral" ratings, respectively

** CrowdStrike CRWD.O, Adobe ADBE.O, Intuit INTU.O and Atlassian Corp TEAM.O decline between 2.5% and 5.4%

** Worries that advances in AI could upend software companies' business models triggered a major sell-off in tech stocks in February

(Reporting by Shashwat Chauhan in Bengaluru)

((Shashwat.Chauhan@thomsonreuters.com))

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