Market is intelligent than we all are... The problem is sometimes it is too smart for its own good. CKSW's price had a 12% drop yesterday, dont you think even if SAP were to abandon CKSW completely, the sell off is a bit overdone. :)
"Market is more intelligent than we all " It has not proven true in the past-just think March 6,9 , Oct. 1987 and Cuban missile crisis. Each of these turned out be be once in a decade buying opportunity.
Booking ( new business ) for CKSW in Q3 gave a clue that s/w market is weak.
Another factor u have to consider..CKSW is making small acquisitions which won't have effect on top line but their opex is increasing b/c of more manpower..These acquistions will help only in future in terms of their product offering, different verticals, provided market grows.
Once they warn on top line with bottom line already expanded.it will have a domino effect on downside.