Nasdaq SaaS Stocks Are Making Big Moves. Here's Why.
The Nasdaq Composite (NASDAQINDEX: ^IXIC) has been volatile in 2022, and investors have hoped for an end to its bear market in the near future. Futures contracts on the index moved higher in premarket trading Wednesday, as the Nasdaq aims to try to post a monthly gain for November if it can finish with a gain of 0.1% for the day.
One big driver of the Nasdaq's year-to-date declines has been the poor performance of software-as-a-service (SaaS) stocks, and a couple of companies in that industry posted their latest financial results late Tuesday afternoon. Investors took the news from human resources software specialist Workday (NASDAQ: WDAY) positively, but they seemed more concerned about how cybersecurity company CrowdStrike Holdings (NASDAQ: CRWD) fared. You'll find more details below.
Shares of Workday rose 9% in premarket trading Wednesday morning, following the release of its fiscal third-quarter financial report for the period ending Oct. 31. The enterprise cloud application provider for finance and HR departments saw solid gains in revenue figures for the period, giving shareholders some confidence in Workday's future prospects.
Source Fool.com
