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Omar Venerio
Omar Venerio
Articles (1727) 

Friday Morning Market Highlights

Markets down, shares of Workday fall on earnings

US Markets

U.S. stocks were mainly in the red on Friday morning. The Dow fell 0.34% to 29,384, the S&P 500 index lost 0.13% to 3,577 and the Nasdaq Composite Index was up 0.2% to 11,928.

Gainers

• Cooper Companies Inc (NYSE:COO) +1.8%

• DaVita Inc (NYSE:DVA) +2.2%

• CF Industries Holdings Inc (NYSE:CF) +2%

• United Rentals Inc​ (NYSE:URI) +2%

• Occidental Petroleum Corp (NYSE:OXY) +0.9%

Losers

• FirstEnergy Corp (NYSE:FE) -4.5%

• PVH Corp (NYSE:PVH) -4.4%

• Carnival Corp (NYSE:CCL) -4%

• Alaska Air Group Inc (NYSE:ALK) -3%

• Martin Marietta Materials Inc (NYSE:MLM) -3%

Global Markets

The main European stock markets traded in the green. The U.K.'s FTSE 100 gained 0.23%, France's CAC 40 jumped 0.36%, Germany's Dax was up 0.32% and Spain's Ibex 35 advanced 0.58%.

In Asia, Japan's Nikkei 225 fell 0.42%, India's BSE Sensex rose 0.65%, Hong Kong's Hang Seng gained 0.36% and China's Shanghai Composite jumped 0.44%.

Workday releases earnings report

Shares of Workday, Inc. (NASDAQ:WDAY) fell 6.5% on Friday morning after the company announced financial results for its third quarter of fiscal 2020. It posted earnings per share of 86 cents, beating analysts' estimates by 19 cents, on revenue of $1.11 billion, which grew 18.3% year-over-year and beat expectations by $20 million.

Co-founder and co-CEO Aneel Bhusri had the following to say:

"It was another strong quarter across our product portfolio with continued momentum in financial management – which has now reached 1,000 customers. We also had some of our largest Workday Human Capital Management go-lives to-date and record customer demand on the strategic sourcing front… In this rapidly changing environment, the value of Workday in helping businesses drive and support change is clear, as more organizations focus on digital acceleration in order to meet the demands of the year and beyond. I continue to be so impressed and appreciative of our employees and customers – who are stepping up in such encouraging ways to navigate these challenging times."

In the quarter, the operating loss reached $14.1 million, or -1.3% of revenues, compared to an operating loss of $110.3 million, or -11.8% of revenues, in the same quarter of the prior year.

Non-GAAP operating income was $268.1 million, or 24.2% of revenues, compared to a non-GAAP operating income of $142.6 million, or 15.2% of revenues, in the same period last year.

At the end of September, Ken Fisher (Trades, Portfolio) reduced his investment in the stock by 1% to 3,575 shares, while Joel Greenblatt (Trades, Portfolio) boosted his investment by 2% to 16,173 shares. Julian Robertson (Trades, Portfolio) initiated a new position in the stock with 11,800 shares.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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