Workday's stock surged after a major investment from Elliott Management, highlighting recent achievements in growth and customer retention. The company also announced a $1.1 billion AI acquisition and new partnerships. Krispy Kreme saw a bounce in shares following FBI Director Kash Patel's favorable comments during congressional testimony about his stock purchases. Other notable discussions included a Lyft and Waymo partnership and Cracker Barrel's disappointing guidance, creating a whirlwind of market movements.
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insights INSIGHT
Activist Move Reawakens Workday
Elliott's stake and a $4B buyback spurred a major re-rate in Workday shares today.
Activist involvement can prompt investors to reassess long-dormant software names.
insights INSIGHT
Analyst Upgrades Fuel Baidu Rally
Baidu jumped after analyst upgrades and optimism about its chip business drove overnight gains in Asia.
Analyst sentiment shifts can catalyze big moves in ADRs tied to improving fundamentals.
question_answer ANECDOTE
FBI Director's Trades Spark Krispy Kreme Move
The FBI director, Kash Patel, was questioned in Congress about stock purchases including Krispy Kreme.
His explanation that he saw "good investment" opportunities briefly lifted Krispy Kreme shares.
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- Workday (WDAY) shares rose today after Elliott Investment Management unveiled a $2 billion-plus investment in Workday Inc., sending its shares up as much as 10% Wednesday. The activist investor said Workday Chief Executive Officer Carl Eschenbach and his team have made “substantial progress” in recent years driving growth and customer retention, according to a statement Tuesday. Workday announced on its analyst day on Tuesday a $1.1 billion acquisition of artificial intelligence company Sana. It also said it is partnering with Databricks Inc., Salesforce Inc. and Snowflake Inc. to allow access of human resources and finance data on its platform. “We are pleased with our dialogue with the team and believe the plan announced at today’s financial analyst day represents a significant enhancement of Workday’s operating model and capital allocation framework,” Elliott said in the statement.
- Krispy Kreme (DNUT) shares rallied today after FBI Director Kash Patel commented on his purchases of Krispy Kreme Inc. and ON Semiconductor Corp. stocks during his testimony in Congress. Patel explained that he’s long liked to trade stocks and said that in this case he simply saw “good investment” opportunities in Krispy Kreme Inc. and ON Semiconductor Corp.
- Cracker Barrel Old Country Store Inc. (CBRL) shares fell today after the company offered sales guidance for the current fiscal year that missed expectations, suggesting the brand is still dealing with the fallout from its controversial logo change. Revenue in fiscal 2026, which ends next summer, is projected to be in a range of $3.35 billion to $3.45 billion, the company said in a statement Wednesday. Analysts are expecting sales of $3.52 billion in the period, according the average of estimates compiled by Bloomberg. The mid-point of Cracker Barrel’s range suggests sales will remain similar to the past two years, when growth has stagnated. The outlook assumes foot traffic at existing stores declines 4% to 7% in the coming year.
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