Morning Markets: Despite the Nasdaq trading near 8,000, 2019 IPOs are taking hits and SaaS companies are down again this morning.
Slack isn’t alone in its struggles this morning, by our count every single 2019 IPO is down today.
Even worse, the average cloud or SaaS company tracked in Bessemer’s index is down nearly 3 percent today.
To see SaaS take two hits of a few points apiece in the same week is, therefore, notable.
For reference, the Bessemer cloud index, a basket of public SaaS and cloud companies, is worth 1,084.15 points at the moment, off 2.94 percent on the day.
That’s as true today as it was before, just a little more so as now the companies we discussed have lost another 300 basis points of value while posting a bit more growth that we’ll see in their Q4 earnings.