SaaS Stocks Slip 2.19% for Week Ending April 24

After a two-month hot streak, software as a service stocks cooled off for the week ending April 24. Our SaaS 20 Stock Index slipped 2.19 percent for the one-week period. Amazon.com and Salary.com were the index's biggest weekly winners; Omniture and RightNow Technologies were the biggest weekly losers. Here's what went wrong -- and right -- for SaaS during the week.

First, the bad news: 14 companies within the SaaS 20 Stock Index saw their shares decline on the week. The index's 2.19 percent decline shows SaaS stocks performed worse than the Dow (down 0.7 percent) during the week.

Omniture (OMTR, -21.84 percent), which develops business optimization software, delivered Q1 results on April 23. But the bigger news was the company's Q2 forecast, which falls short of analysts' original expectations. Multiple financial analyst firms have downgraded Omniture shares in recent weeks.

RightNow Technologies (RNOW, -15.38 percent) saw its shares slip on little news. The on-demand CRM provider is expected to announce quarterly results on April 29.

Now, the Good News

Amazon (AMZN, +8.21%), delivered a strong Q1. But that's not all. Amazon shares are up 145 percent since November, according to this extended look at Amazon by Barron's. And in recent weeks, it seems as if all major technology companies are announcing plans to plug into the Amazon Web Services cloud. The latest such move involves Vembu's StoreGrid.

Meanwhile, investors applauded when Salary.com (SLRY, +8.84%) increased its share repurchase program on April 21. The company specializes in on-demand compensation and payroll solutions. Salary.com is expected to announce quarterly results on May 14.

Although the SaaS 20 Stock Index dipped slightly on the week, the index is still up 8.28 percent this year.

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