Why Salesforce Stock Was a Winner on Monday
Salesforce (NYSE: CRM) shareholders were a cautiously optimistic lot on Monday, after news broke of a major competitor to their company possibly retreating from a simmering regulatory dispute. As a result, Salesforce stock closed the day 1.5% higher, more or less matching the S&P 500 index's gain.
That competitor is the ever-powerful Microsoft (NASDAQ: MSFT), which has been a thorn in Salesforce's side because of its Teams application. This has drawn criticism for being very similar to Slack, the highly popular corporate messaging platform Salesforce acquired in mid-2021.
Monday morning, citing "people familiar with the matter," Reuters reported that Microsoft is attempting to allay regulatory concerns in Europe about a complaint lodged over Teams. Slack alleged in 2020 that the tech giant had unfairly integrated the app into its Office software productivity suite, filing a formal grievance on the matter with the E.U.'s executive arm, the European Commission.
Source Fool.com
