These 5 Stocks Are Making Headlines on Tuesday

2. ServiceNow, Inc. (NYSE:NOW)

Number of Hedge Fund Holders: 90

Shares of ServiceNow, Inc. (NYSE:NOW) plummeted over 12 percent this morning. The drop came after CEO Bill McDermott mentioned factors like the strong dollar, increasing interest rates, elevated fuel costs and war in Europe and how they could impact the demand for the company’s services.

McDermott believes that customers would likely avoid costly digital transformation and rather spend on areas offering faster returns due to the existing macro headwinds. Referring to McDermott’s comments, Stifel analyst Brad Reback said ServiceNow, Inc. (NYSE:NOW) might lower its outlook when it posts its financial results later this month.

Reback expects software companies, including ServiceNow, Inc. (NYSE:NOW), to lower their expectations in the coming weeks.