BUZZ-European IT services slump after Accenture cuts outlook
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CAPSTONE FINANCIAL GROUP INC CAPP | 0.00 | |
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** European IT services fall sharply, led by Capgemini CAPP.PA, after Accenture ACN.N cuts full-year guidance, signalling businesses are curbing discretionary IT consulting spending amid economic uncertainty
** "Peers are trading down in reaction to Accenture’s earnings release, which reported negative bookings growth in the quarter and trimmed full year revenue guidance," Morningstar analyst Rob Hales says
** Capgemini CAPP.PA hits 6-year low, down over 8%, while other IT services stocks are also fall, with Cancom COKG.DE, Atos ATOS.PA, Reply REY.MI down between 2% and 6%
** Declines spread to software and related sectors, with SAP SAPG.DE, Wolters Kluver WLSNc.AS, Sage SGE.L, Planisware PLNW.PA and TeamViewer TMV.DE down 3% to 4%
** Software and IT stocks have also been under pressure this year on concerns about AI-driven disruption
** Accenture, down 14% premarket, reported new bookings of $19.3 billion, down about 2% from the same quarter last year