Splunk, Salesforce among cloud software stocks trading lower after Red Hat earnings

Shares of cloud-software names Splunk Inc. Salesforce.com Inc. Workday Inc. ServiceNow Inc. and Adobe Systems Inc. are down in Friday's session after peer Red Hat Inc. delivered a lower-than-expected outlook. Shares of Box Inc. and Dropbox Inc. and Atlassian Corp. are also trading lower, along with the First Trust Cloud Computing ETF which is off 1.5%. Red Hat's stock is down 12.3% in Friday's session and on pace for its worst single-day performance since December 2016. Analysts had mixed reactions to the latest commentary from Red Hat and differed in their opinions of what to do with the stock. The stock is up 47% over the past 12 months, while the S&P 500 has gained 13%.