Why Appian Stock Dropped 10% in June
The software-as-a-service (SaaS) app development company's stock appears to have been impacted by last month's surge in coronavirus cases. The double-digit slide for the stock last month followed a 24% increase for the company's valuation in May. Appian did release some new software offerings in June, but the new products weren't enough to lift the stock amid mounting indicators that the business would face a more challenging growth environment. Appian posted big gains in May thanks to first-quarter earnings results that came in ahead of expectations, but the company warned that it was facing significant headwinds stemming from the coronavirus pandemic.
