I just heard on CNBC that IBM is distributing Slack to all of its employees. Slack is up more than 10% on the news.
Wow, I was very close to selling the last of my ZS (small position) this morning and putting it into WORK when Slack was only up about 1% earlier.
I snooze, I lose, Slack up more than 15% now
And this story has been updated. Slack came out and said IBM had already been a large customer of theirs for years and they are not making any financial adjustments to their guidance. Plainly speaking, the people that reported this story earlier today were wrong.
Stock is down in after-hours but still up for the day.
Today’s ‘Fog of War’ report resulted in a 60 million volume compared to a ‘normal’ 9 million per day, according to Yahoo. Trading was suspended before the end of session, and Slack’s clarification issued thereafter.
Given the after-hours fall, and the earlier trading volume, there’s going to have to be a hard look taken at how the original report was sourced and published. I’m sure the holders of the short volume of 23% (as at 02/06) won’t be happy with today’s events, as it may have forced them out of their positions. While I dont shed tears for such losses under normal circumstances, any ‘fake news’ published about any holding is worrisome, as for most of us, nothing good ever comes of it.
I expect a level of carnage tomorrow, as a reaction from the new holders of today’s 60 million volume is bound to ensue. That said, I hold some Slack, having bought it quite a bit North of today’s open. I don’t appreciate these up/downs as a result of incorrect reporting, as it undermines the inherent quality and character of a stock and may leave a bad taste in the mouth of potential investors.
Looks like it has only pulled back by a few percent this morning so far.
Bert’s article on Slack just got posted publicly to seeking alpha today. This, along with a little bit of number crunching over the weekend, was the main reason I almost moved some funds into WORK monday morning
Since I missed it before yesterday’s spike, and the shares I was contemplating selling to free up funds have some decent taxable gains, I am probably going to just sit on the sidelines on Slack for now
As a long term holder of a Slack position, I can really not dissuade Mekong from holding off for now. I have been Slack-strated with this investment for the past 4-5 months because Slack has not been putting my money to WORK for me. It has been bouncing around the $20-$23 range for nearly 5 months. Perhaps it will finally reward me for my patience with some renewed momentum and a breakout, but I have been disappointed in the past. I’m not ready to give up yet, but this message board has many other high growth cohorts that appear to be rewarding investors appropriately whereas WORK has been on disability to the tune of dead money.