“Thank You for Bailing Me Out” is the best thing I ever wrote about a stock market crash. In October 2008, as the financial crisis wiped out the economic world, then-record tech market gains crushed tech stock prices, particularly those of financial software firm Intuit.
Intuit shares bottomed out at $6.60 on Sept. 19, 2009, after losing more than half their value from a year earlier, the real-time historical data at Yahoo Finance show. Intuit’s CEO Bill Campbell used the first week of October to thank investors who lent him money. “And of course the ever-present lawyers also gave me an enema,” he wrote in a memo to employees.
Shares have since recovered most of their lost value, to $155.93, making it one of the best-performing stocks of the last decade, according to price trends at Yahoo Finance.
Palo Alto Networks, another technology company, had a similar stock-price debacle in 2013. A slump in enterprise-software shares coincided with turmoil in the Syrian and Chinese stock markets, and contributed to fears that another worldwide recession was imminent. Over the course of three weeks, its stock fell from $79.60 to $51.92. Its stock, now at $103.05, has still not regained its pre-crisis level. CEO Mark McLaughlin was on the way to record earnings at the time, but the stock was being sold off.
In 2014, the financial services company Trade Desk saw its stock double and then triple. Its shares rose on the back of surging demand for video ads, the company’s bread and butter.
And for a while last year, every tech stock except one ended the year in the red. Losing the most ground was Netflix, which is still well below its 2012 peak. But Salesforce beat the field, rising from $56.30 in August 2015 to $100.05 in January 2017. Steve Guggenheimer, the company’s executive vice president of products, resigned in April 2016, citing “personal reasons.” However, he was later awarded hundreds of thousands of stock options to help settle an SEC probe into Salesforce’s options program.