On July 14, Adobe fell 3.82% in regular trading, trading at $219.82/share, with turnover of $233 million.
On the news front, IBM released preliminary Q2 results showing revenue of approximately $172 billion, falling roughly 4% short of the market consensus estimate of approximately $180 billion. IBM's CEO attributed the miss to customers abruptly shifting capital expenditure toward servers, storage, and memory hardware in the final weeks of June to secure supply ahead of anticipated price increases. This reallocation of enterprise IT budgets away from software triggered a broad selloff across the U.S. software sector, with IBM plunging over 20% pre-market and dragging peers including ServiceNow, Accenture, Salesforce, and Microsoft sharply lower.
Within the Application Software sector, Salesforce fell 3.45%, Palantir Technologies fell 2.21%, Circle Internet fell 5.25%, while CleanSpark rose 9.47% and AppLovin rose 1.36%. The event has reignited market concerns that AI infrastructure spending is crowding out application software budgets, pressuring valuations across the sector.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
