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The S&P was down 5.1 percent in January, but several enterprise software companies were down well below that. Box plunged 23 percent, Workday fell 21 percent, Salesforce.com dropped 13 percent. Fidelity marked down Dropbox and CloudFlare while keeping expectations high for Airbnb, Pinterest and other consumer-tech startups.
Fidelity's markdowns of corporate software startups came after a brutal month for their publicly traded peers. International Business Machines Corp. and VMware Inc. reported disappointing earnings forecasts in January. Many technology companies said they expected a tough IT climate for 2016 and often cited a deteriorating macroeconomic environment as a factor. The Standard and Poor's 500 Index was down 5.1 percent in January, but several enterprise software companies were well below that. Box Inc., a Dropbox rival, plunged 23 percent. Workday Inc. fell 21 percent. Salesforce.com Inc. dropped 13 percent.
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