CrowdStrike stock sinks on fallout from software update issue

Shares of CrowdStrike (CRWD) remain under pressure. The stock reached a double-digit loss on Tuesday following the company's software incident.

Market Domination anchors Josh Lipton and Julie Hyman break down this latest development for CrowdStrike and what it could mean for the company moving forward

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Nicholas Jacobino

Video Transcript

First up, we got to talk about crowd strike, and that's still declining trend that we've been seeing.

It's down another 10% today, still reeling from its massive software update error.

Now Delta could be seeking legal recourse.

Uh, so basically a firm, uh uh, excuse me.

A source familiar with the lawyer, David Boies, and that representation confirming to Yahoo that Delta hired his firm to pursue potential claims against crowd strike and against Microsoft related to that outage and the effect on Delta's business here.

Um, it doesn't seem like there's necessary.

Been a suit filed yet, but that is a potential outcome here.

You know, you could see the The stock is getting slammed in today's trade.

It's It's that headline and just I think also, Julie, if you're an investor, you just have a lot of uncertainty.

I mean, even bulls on the street are just asking these questions.

How are crowds?

Strikes customers feeling?

What are they doing?

You know?

Are they pausing?

Spending slowing spending?

Um, do they expect some kind of pricing concessions because of this?

Um, what does crowdstrike spend actually look like?

You know, but both now and ahead.

Um uncertain.

Yeah, Needham becoming the latest firm today to cut its price target on Crowdstrike to 375 from 425.

But it's still a buy, and a lot of analysts have said that they're still confident over the longer term, which is quite interesting.