Workday and Autodesk issued disappointing fiscal fourth-quarter guidance
Workday Inc (NASDAQ:WDAY) and Autodesk Inc (NASDAQ:ADSK) are fresh out of the earnings confessional. Both software companies beat third-quarter earnings and revenue expectations, but their fiscal fourth-quarter guidance came in below estimates. The latter also revealed Janesh Moorjani will take over as its chief financial officer, effective Dec. 16.
WDAY was last seen 9.1% lower to trade at $245.51, on track for its worst single-day percentage loss since May, as well as its third loss in the last four sessions. The shares also carry an 11.9% year-to-date deficit, and are gapping back below the 40-day moving average.
ADSK is down 6.3% to trade at $298.10 at last glance, pacing for a third-straight daily loss as it retreats from its Nov. 25, three-year high of $320.99. The stock's own 40-day trendline looks ready to contain today's gap lower, which could be the steepest since April. For 2024, shares still sport a 23% lead.
WDAY has seen 13,000 calls and 16,000 puts exchanged so far today, which is 14 times the volume typically seen at this point. The December 220 put is the most popular contract, where new positions are being opened. ADSK has seen 3,868 calls and 3,437 puts exchanged so far -- six times the intraday average volume -- with the most activity at the weekly 11/29 300-strike put.