WDAY - Nasdaq Today: Why Alexion and Workday Stock Are Soaring
The stock market continued to gain ground at midday on Thursday, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) participated in the modest rally. Slightly before noon EDT, the index was up just over half a percent, as was the Nasdaq 100 Index of top stocks on the exchange. There's been rising enthusiasm lately about the prospects for the U.S. economy to escape the full brunt of what many economists have feared from the fallout from coronavirus-inspired shutdowns. Today's move continued the upward momentum from that newfound optimism.
Also helping to keep stocks moving forward was good news from several individual stocks. Workday (NASDAQ: WDAY) and Alexion Pharmaceuticals (NASDAQ: ALXN) rose for different reasons, but their gains were among the leaders in the Nasdaq 100 and showed the broad-based support that the rally has had recently.
Shares of Workday rose 8% at midday on Thursday. The cloud-based human resources and finance enterprise application provider reported first-quarter financial results that showed continued growth, albeit over reduced expectations from investors.