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Salesforce.com just reported fiscal third quarter results and beat the Zacks Consensus Estimate but shares are tumbling about 10% after missing the analysts' estimates on billings for the first time in 10 quarters.
As we've seen with other company reports, many stocks are priced for perfection so any data "miss" can be met with selling pressure. But a company that is trading with a P/Eof 650x forward estimates, as CRM is, is especially vulnerable.
CRM has now fallen about 28% off its 52-week high.
But it is not the only "glamour" stock to stumble recently.
Check out these popular companies whose shares have also dived from their 52-week highs:
Who will be next?
They're hand-picked from the list of Zacks Rank #1 Strong Buys. Our experts predict that their prices will jump the soonest. Today, you can see them free.
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