Why Salesforce Stock Was a Winner on Wednesday
Broadly speaking, what's good for the retail industry is good for customer relationship management (CRM) king Salesforce (NYSE: CRM). On the back of some very encouraging data from the top tech shopping holiday, investors pushed the company's share price almost 6% higher on the day, nearly double the percentage gain of the S&P 500 index.
According to Salesforce's internal research, Cyber Week -- i.e., the days including and following Cyber Monday -- brought in online sales of $281 billion for retailers globally.
This set a new all-time record and was 2% higher than the same period last year. The figures for Salesforce's home market of the U.S. were more encouraging; these rose by 9% to $68 billion.
Source Fool.com
