$Celestica(CLS.US) dropped by six points, $SAP AG-Sponsored(SAP.US) saw a slight gain 🙄. The electronic manufacturing services stock fell significantly, while the large-cap enterprise software stock remained stable. Hardware OEMs are squeezed by both orders and gross margins, whereas software subscriptions are supported by renewal rates. As soon as economic data shows any signs of fluctuation, the difference in their resilience becomes immediately apparent.
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