10/18/2022, 2:52 PM (Source: TeleTrader)
more TeleTrader news

Salesforce jumps over 7% premarket as Starboard acquires stake

Salesforce Inc. saw its shares surge 7.5% in premarket trade on Tuesday after hedge fund Starboard Value LP announced it acquired a stake in the software company. Starboard CEO Jeff Smith told CNBC the stake is "significant" but did not provide specific figures.

Salesforce's shares are down almost 50% in a year, with Smith blaming the slump on a "sub-par mix of growth and profitability." He added that there is still a "significant opportunity" in the company.

Baha Breaking News (BBN) / DJ