SAP stock hit hard by Intershop crash

Shares in ERP vendor SAP were sent tumbling today after stock in rival Intershop suffered a 70 per cent slide.

SAP stock slipped about 10 per cent to E111.90 (£69.94) on news that Intershop had slashed earnings and sales forecasts for 2000. Stock in SAP is currently trading 70 per cent down from a 52-week high of E285 (£179.75) in March. The company is currently attempting to refocus its strategy on front-end software. It's market capitalisation now stands at $16.5bn Hasso Plattner, chairman of SAP, announced the company's mySAP.com product will make up 60 per cent of overall group sales in 2000. SAP recently appointed Werner Brandt as CFO, to the Executive Board from the German health-company Fresenius Medical Care.