Photo: Slack

Slack shares soared and trading in the workplace collaboration company was briefly halted on Monday, after a report stating the company had landed IBM as its biggest-ever customer.

Yes, but: The thing is, IBM was already Slack's largest customer and has been for a couple of years. In an SEC filing, Slack said IBM has been adding additional Slack licenses over time and that it is not changing its financial forecast for the current quarter.

IBM's use of Slack began in 2014, with a group of 68 engineers and grew from there. IBM was one of the first users of Slack's Enterprise Grid and had more than 165,000 users by last year. Today it has more than 300,000 users and offers slack to all employees.

Why it matters: Microsoft has been increasingly going after Slack with its Teams product, which it bundles with Office. Slack has been eager to show its chops, especially among larger businesses that Teams isn't yet equipped to handle.

By the numbers: Shares of Slack ended regular trading on Monday at $26.54, up $3.55, or more than 15%. However, the stock fell in after-hours trading after Slack made its SEC filing, changing hands recently at $24.85, down $1.69, or more than 6%.

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20 Republican former U.S. attorneys endorse Biden, call Trump "a threat to the rule of law"

Photo: Mandel Ngan/AFP via Getty Images

Twenty Republican former U.S. Attorneys on Tuesday endorsed Joe Biden while saying that "President Trump's leadership is a threat to rule of law" in the U.S., the Washington Post reports.

What they're saying: In the letter, the former prosecutors criticize Trump's use of the Department of Justice, saying the president expects the DOJ to "to serve his personal and political interests."

  • "He has politicized the Justice Department, dictating its priorities along political lines and breaking down the barrier that prior administrations had maintained between political and prosecutorial decision-making," the letter says.
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Ted Cruz defends GOP's expected return to prioritizing national debt

Sen. Ted Cruz (R-Texas) told "Axios on HBO" on Monday that he wishes reining in the national debt was a higher priority for President Trump.

Why it matters: Trump pledged during the 2016 campaign to reduce the national debt and eliminate it entirely within eight years, though he also deemed himself "the king of debt" and said there were some priorities that required spending. In the fiscal year that ended in September, the deficit reached a record $3.1 trillion.