Workday (WDAY) shares fell 8% to $248 in early trading on November 27, 2024, following the company’s disappointing subscription revenue outlook for the current quarter. Despite reporting better-than-expected third-quarter results, the forecast did not meet Wall Street’s expectations, leading to a bearish sentiment among investors.
- Workday's Q3 results beat expectations.
- Subscription revenue outlook disappoints investors.
- Dell shares drop after earnings report.
- Key support levels for Dell at $130.
- Market hours adjusted for Thanksgiving holiday.
- Major index futures show little change.
Workday’s recent performance has raised concerns among investors. The company reported third-quarter results that exceeded expectations; however, the outlook for subscription revenue fell short, leading to a significant decline in stock value. This divergence between the stock’s November peak and the relative strength index indicates weakening buying momentum.
Investors are advised to monitor critical price levels for Workday, which include support areas at $237, $223, and $207. Additionally, a key overhead resistance level is identified near $279. The recent trading activity reflects a broader trend of caution among investors in the tech sector.
In the context of the overall market, major index futures showed little change, with the Dow Jones Industrial Average futures up 0.1%, while S&P 500 and Nasdaq 100 futures were down 0.1% and 0.2%, respectively. This market behavior coincides with the upcoming holiday trading schedule, which will see shortened hours for both stock and bond markets during Thanksgiving and Christmas.
In summary, Workday’s stock has reacted negatively to its latest earnings outlook, highlighting the importance of monitoring key price levels as the market navigates through the holiday trading period.
