WDAY

Under ordinary circumstances, an earnings beat represents cause for celebration. When it came to market rewards, Workday (NASDAQ:WDAY) enjoyed its just desserts as its stock rallied to reflect brewing enthusiasm for the underlying cloud-based financial and human-capital management industries. Still, the market represents a forward-looking concept, which raises questions for the enterprise. Therefore, I am neutral on WDAY. Admittedly, a middle-of-the-road perspective contrasts with the excitement that Workday generated among its cloud-computing peers. Throughout this year, several companies disclosed concerns about negative impacts on their cloud businesses. Therefore, when Workday posted its impressive results for the third quarter, it got market observers to believe again.
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