ServiceNow Stock Sinks 12% on Gloomy CEO Comments

InvestorPlace2022-07-13

ServiceNow stock dropped 12% after an interview from the company’s CEO.Bill McDermott outlined a pretty stark view of various macroeconomic headwinds.This view has shifted investor sentiment for the ...

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Comments

Andy Fong
2022-07-13
Andy Fong
Ok
NEWBIE
2022-07-13
NEWBIE
Thank you
petpetbbhams
2022-07-13
petpetbbhams
yes
CT888
2022-07-13
CT888
Ok
Dynamism
2022-07-13
Dynamism
K
Kelvink73
2022-07-13
Kelvink73
CEO is candid on his remarks.

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We have inflation not seen in four decades. The Federal Reserve is on overdrive ramping up interest rates. Accordingly, U.S. dollar strength could hurt companies with overseas sales. Geopolitical concerns are higher than they have been in a generation, with the Russian invasion of Ukraine. And renewed Chinese Covid-19 restrictions are hampering global supply chains further.In short, there’s not much to like about this market.However, it seems that McDermott’s warnings of how these headwinds could impact the company have startled investors. While investors know these risks exist, how they pertain to specific companies like ServiceNow are noteworthy. Let’s dive into why investors are in selling mode today.NOW Stock Drops on Gloomy CEO CommentsOut of all the factors mentioned, it appears ServiceNow’s CEO is most concerned with the strong U.S. dollar. 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