Today in the stock market, June 1, 2022, stocks were mostly lower. Overall, the S&P 500 fell 0.7% to close at 4101 while the NASDAQ slipped 0.7% to end the day at 11994.
Most of the stocks on my screen were lowered today, for the 2nd time in two days during this holiday shortened week. Now, I’m concerned this rally won’t last.
Among losers, Livent (LTHM) fell 14% to close at $27 on the day. Livent broke out last week — a postivie sign for the stock and the stock market — but today’s decline gives serious doubts to the market’s health.
Salesforce (CRM) was the big winner on the day as the stock jumped 10% after earnings.
Chart of the Day
Our Chart of the Day is this ten-year chart of CRM as of last qtr (March 17, 2022).
Salesforce is the world’s leader in customer relationship management (CRM) software and connects more than 150,000 clients to their customers via the internet and stores this customer information in the cloud. Salesforce’s share of the CRM market was 18% in 2019, with SAP and Oracle holding just a 5% share each (source: IDC).
The company boasts the #1 Sales Cloud, #1 Service Cloud, #1 Marketing Cloud, #1 CRM platform and #1 integration software in the recently acquired Mulesoft. Salesforce had more than 73,000 employees as of January 31, 2022.
Salesforce recently acquired messaging app Slack, a direct messaging platform that helps company team members collaborate, text, and share files with each other. Slack has what I believe is the best software for communicating with co-workers, or other companies you do business with.
CRM closed at $176 today, and is trying to form a bottom. My Fair Value on the stock is $163.
