2023-04-28 18:00:00 ET
To paraphrase an old saw, in certain industries if a top stock sneezes, its peers catch colds. That certainly seemed to be the case with cloud computing on Friday. Following the comparatively disappointing performance of the big name in the sector, investors energetically traded out of numerous contemporaries.
Atlassian (NASDAQ: TEAM) and Datadog (NASDAQ: DDOG) both suffered 4% falls on the day, while Zscaler (NASDAQ: ZS) declined 3.6%. MongoDB (NASDAQ: MDB) felt less pain, slipping by only 0.4%.
The pied piper in this case is mighty Amazon (NASDAQ: AMZN) . Although the company is generally known to the general public as a retailer, its profitability is heavily dependent on the results of its enduringly popular Amazon Web Services (AWS) , which offers a set of cloud functionalities. And that, as they say, was the rub.
For further details see:
Why Cloud Stocks Like Atlassian and MongoDB Had an Awful Friday