NEW YORK (TheStreet) -- Workday (WDAY) - Get Workday, Inc. (WDAY) Report stock is retreating 13.11% to $56.34 on heavy trading volume on Friday afternoon after business intelligence software provider Tableau Software (DATA) set its 2016 first quarter guidance significantly below estimates, causing software stocks to plunge.
LinkedIn's (LNKD) disappointing 2016 first quarter outlook is also weighing on shares of Workday, a Pleasanton, CA-based enterprise cloud application provider for financial and human resources departments.
The weak guidance from the companies are increasing concerns that there may be slower than expected growth in the technology industry.
"You could sell every stock from Splunk (SPLK) to Qlik (QLIK) to Workday and Salesforce (CRM) off this and then wait to find who took Tableau's share or learn of a general slowing of the landscape," TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUScharitable trust portfolio, wrote in a Real Money article. (Free access during TheStreet's Open House)
"I think it is the former, but you know how this game works," Cramer added.
So far today, 4.48 million shares of Workday have been traded, compared with its average daily volume of 1.59 million shares.
Separately, Workday has a "sell" rating and a letter grade of D+ at TheStreet Ratings because of the company's deteriorating net income, disappointing return on equity, generally disappointing historical stock performance and feeble earnings per share growth.
You can view the full analysis from the report here: WDAY
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.