Slack Shares Crash After-Hours Following IBM "No News" Update

Slack shares soared over 15% intraday on 7x normal volume after a Business Insider report said that the company was being used across all of IBM's business - prompting rejoicing among the company's investors...

There's just one thing... (shares were halted "news pending" 5 minutes ahead of the bell) and this is the news...

Regulation FD Disclosure

On February 10, 2020, a Business Insider article was published about Slack Technologies, Inc. (“Slack”).

The article stated that International Business Machines Corporation (“IBM”) purchased Slack for all of its employees worldwide and further that IBM is Slack’s largest customer to date.

IBM has been Slack's largest customer for several years and has expanded its usage of Slack over that time. Slack is not updating its financial guidance for the fourth quarter of the fiscal year ended January 31, 2020 or for the fiscal year ended January 31, 2020.

Roughly translate - There is no news!

And the share are plunging back to earth in the after hours...

Oh can we get a better market (and media).