Tableau's Plunge Is Killing Other Cloud Names, But Does This Indicate A Long Term Pattern?

Shares of Tableau Software Inc DATA collapsed nearly 50 percent on Friday following the company's fourth quarter results which were released after Thursday's market close. Tableau Software's plunge is killing other cloud names. Shares of Workday Inc WDAY plunged more than 12 percent to a new 52-week low of $54.55 while Amazon.com, Inc. AMZN's stock was lower by nearly 5 percent. Qlik Technologies Inc QLIK also saw its stock plunge more than 15 percent and hit a new 52-week low of $20.28. salesforce.com, inc. CRM's stock was also hammered and lost more than 11 percent. An analysis between Salesforce's stock performance and the performance of Tableau Software reveal an interesting fact. Over the past 50 days, Salesforce's stock performance has been 93 percent correlated to those of Tableau. The figure drops to 75 percent on both a 20-day and 5-day relationship. However, the correlation between the 2 stocks performance is minus 12 percent over a 200-day period. In other words, Tableau's stock is 93 percent correlated over the past 50 days but shows no relationship over a 200-day period.