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Uncategorized


Software as a Service Stocks Fall 3.41% for Week Ended Sept. 5

  • Written by Joe Panettieri 1
  • September 7, 2008

Software as a Service stocks, like the broader US markets, continue to struggle. MSPmentor’s SaaS 20 Stock Index fell 3.41% for the week ended September 5 — marking the third consecutive week that the index has declined.

But there’s a bigger cause for concern as we head into the business week. The US federal government today (Sept. 7) took control of Fannie Mae and Freddie Mac, the two big mortgage lenders.

Here’s why we should all be a little worried.

First, the minor stuff. The SaaS 20 Stock Index’s biggest losers for the week ended Sept. 5 included:

  • RightNow, the hosted CRM specialist (RNOW, -11.87%)
  • EMC Corp. (EMC, -8.12%)
  • Kenexa Corp., which specializes in on-demand HR services (KNXA,-6.50%)
  • And Taleo Corp, another online HR specialist (TLEO, -6.15%)

Only four of our SaaS 20 Stock Index members saw their shares rise for the week ended Sept. 5, led by Salesforce.com (CRM, +7.91%).

Things could get worse for our SaaS 20 Stock Index — and the broader US markets — before they get better. At this point, all eyes are on the federal government’s newfound control of Fannie Mae and Freddie Mac. According to the San Francisco Chronicle:

The government agreed to pump billions of dollars into Fannie Mae and Freddie Mac and assume responsibility for trillions of dollars of their debt, while handing control of the companies to federal regulators. The takeovers mark the most dramatic government effort thus far to stem the financial chaos precipitated by the housing bust. At the same time, seizure of the two could ultimately cost taxpayers tens of billions of dollars, experts estimate, widening an already bloated federal deficit.

Those aren’t comforting words. Imagine if your business was struggling, and your best chance for success was a takeover by the government. Anybody else feeling a little nervous?

Tags: Uncategorized

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3 comments

  1. Avatar Michael Drake September 8, 2008 @ 12:29 am
    Reply

    Joe,

    I am a banker by training, and I worked for the government’s RTC (Resolution Trust Corp.) from 1987 – 89 creating conservatorships for failing Samp;L’s who violated their charters and fiduciary responsibilities by aggressively pursuing business outside their core (the Samp;L Bailout). Sound familiar?

    Twenty years later it is same song, second verse. History, unfortunately sometimes repeats itself. The message to us as the MSP eco-system is that 1) many of the community banks that provide credit to us, our clients and the industry not only fight their own challenges of their loan portfolios, but also are equity holders in Fannie and Freddie. It looks like the equity investors are going to be the biggest losers. 2) The negative media coverage of these events may have the same effect we (masterIT) saw in the first 4 months of the year surrounding recession talk that resulted in delayed decisions regarding our solutions.

    We as an industry have the opportunity to take these events and the uncertainty of the economy as an endorsement of the value MSP’s provide – predictable, scalable IT costs that are operating expenses rather than capital expenses whether our clients grow or shrink. What a hedge!

  2. Avatar Joe Panettieri September 8, 2008 @ 10:03 am
    Reply

    Michael: Thanks for weighing in.

    Your theme — turning challenges into predictable MSP opportunities — is similar to my blog entry about rising unemployment rates.

    There are silver linings. And we’ll be careful not to press the panic button here at MSPmentor. As you point out, negative media talk slows financial decisions.

    Still, there’s no denying the situations at Fannie Mae and Freddie Mac are cause for concern.

  3. Avatar Joe Panettieri September 8, 2008 @ 10:48 am
    Reply

    Ironically, Wall Street loves the news about the Feds taking over Fannie Mae and Freddie Mac, because the news removes uncertainty about Fannie Mae/Freddie Mac’s status.

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