Software stocks take a hit after SAP’s profit and sales warning

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Shares of business software companies fell Monday, after Germany-based software giant SAP SE issued a profit and sales warning as customers have pushed back investments as a result of the COVID-19 pandemic. Shares of Oracle Corp. sank 2.9% in premarket trading, Inc. dropped 1.6% and Microsoft Corp. slid 1.1%. SAP’s U.S.-listed shares plunged 21% premarket, putting them on track to open at a 5-month low. The selloff in software stocks comes as futures for the Dow Jones Industrial Average slumped 290 points, or 1.0%.
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