SaaS Stocks Rally Broadly on Tuesday; Workday Jumps Over 7%, ADSK Rises More Than 6%

Tiger Newspress07-28 22:40

SaaS shares notched widespread gains during Tuesday’s trading session. Workday climbed over 7% and Autodesk advanced more than 6%. Adobe, SAP SE and Intuit each surged above 5%, while Salesforce.com, Trade Desk Inc., Docusign and ServiceNow posted gains exceeding 4%. Shopify closed 3% higher.

A Morgan Stanley research report points out that the market's recent pessimism about the software industry has gone too far. The bank maintains its attractive rating for the software industry and names Microsoft, Palo Alto Networks, CrowdStrike, Cloudflare, Datadog, ServiceNow, Snowflake, and Shopify as the most confident overweight stocks in the AI ​​era.

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