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Into that breach stepped Workday. Even though the pricing was richly valued, the need for a high growth entry in a manager's portfolio drove that opening price. The institutions got so little on the deal that they figured it was better to pay up to get a full position and that required this crazy aftermarket buying that gives these customers an average basis that while above the actual IPO pricing is certainly below where it is ultimately opened.

Look, in the end it comes down to supply and demand. We don't have a lot of supply of companies that are growing at 98%, and we have endless demand for any companies with the accelerating revenue that Workday has.

So Workday opens at $48. As illogical as that is, when you consider the ice-cold sector, the needy buyers and the reasonable sellers, it makes a ton of sense that this stock opened at a $20 premium even as you need an oxygen mask to fathom it all.

Here's my bottom line: if you got some on the deal, you are a winner. Congratulations. Just remember that the history of companies selling at 40x earnings that succeeded is small and as good as Workday is, the odds of success make it so that you should feel blessed and just take that wonderful gain off the table. I bet someday you will get a chance to buy it lower and cheaper and you won't regret taking the profit you were so lucky to get.

At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long AAPL.


Isn't Tech Supposed to Rock Now?

Posted at 2:27 p.m. EDT on Wednesday, Oct. 10

Whatever happened to seasonality? Whatever happened to the trading pattern that has made you money for ages? I am talking about the fourth-quarter tech trade, the one that allows you to take advantage of all of the tech that enterprise buys and the consumer buys.

You know, I don't like trades based on pure calendar superstition like "sell in May and go away," or "sell in October because we have crashed in October," or "buy in an election year because we've been up in an election year."

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