This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Workday Soars at Open (Update 1)

Updated from 9:37 a.m. EDT to include opening pricing in the second paragraph.

NEW YORK (TheStreet) -- Workday (WDAY) is one of, if not the hottest tech IPOs of the year and its pricing showed just that.

Shares opened for trading at $48.05, a jump of 72% above its $28 offering price.

Workday, which competes with the likes of Oracle (ORCL), Salesforce.com (CRM) and SAP (SAP), priced its offering at $28 a share, above the already raised range of $24 to $26 a share.

"Demand is many times multiple oversubscribed. This company is Oracle's and Salesforce's greatest nightmare," said Daniel Sweet, partner at IPO Boutique in a recent phone interview with TheStreet. "It's a potential acquisition target down the line."

Oracle has some history with Workday, aside from competing with Workday in the cloud computing space. Oracle acquired PeopleSoft in a hostile manner in 2005. Workday co-CEO Aneel Bhusri (along with David Duffield) was part of PeopleSoft before Oracle eventually took it over. Duffield was PeopleSoft's CEO.

For the six months ended July 31, Workday had sales of $119.5 million, up 118% ($54.8 million) from the year-earlier period. Though revenue is growing exceptionally fast, losses are also growing. Losses in the same period widened to $1.40 share from $1.27.

Shares begin trading Friday on the New York Stock Exchange under the ticker "WDAY".

Interested in more on Oracle? See TheStreet Ratings' report card for this stock.

--Written by Chris Ciaccia in New York

>Contact by Email.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,039.49 +60.36 0.36%
S&P 500 1,992.37 +5.86 0.30%
NASDAQ 4,532.1040 +5.6220 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs