NEW YORK (Real Money) -- Where have all the sellers gone, short-time passing?
I mean, really, where have the sellers gone? Last night we got a quarter from Workday (WDAY) that gave us the identical combination of what so many companies have reported during this period -- a beat and a raise, all encompassed in losses that are ever so slightly lower than some thought would be the case.
This had been a prescription for an instant rally until the denouement played out amid rampant insider selling among so many companies, as well as endless initial public offerings and the disaster that was the stock -- not the company, but the stock -- of Salesforce.com (CRM).
Then, last week, we saw our first positive IPO of a company with many of those same characteristics, JD.com (JD). We also saw a positive reaction to Salesforce.com's quarter, which was only slightly better than the one that had decked this stock previously, and the shares rallied.
Between then and now, fortunes were lost as the world turned against these kinds of companies. Now, I admit that Workday stock is well off its high. But it was never about stock price as much as it was about group supply, lack of new dollars coming into the sector and the terrible psychology of the moment. Sure, there were thoughts that a name such as IBM (IBM) or SAP (SAP) or Oracle (ORCL) could eviscerate some of these, but if that's happening, Workday sure didn't show it last night. That's for certain.