Diamonds and Dogs
Good news, the CEO and CFO are fired! Expedia Group (EXPE) is jumping 4% after announcing the resignation of CEO Mark Okerstrom and CFO Alan Pickerill. Chairman of the Board, Barry Diller and Vice Chairman Peter Kern will oversee the company's executive leadership team, managing day-to-day operations, while the Board determines the long-term leadership of the company. Expedia is adding 20 million shares to their repurchase plan and Barry Diller said he would be purchasing additional shares in the company stock as a tangible sign of his faith in and commitment to Expedia's long-term future. Google/Alphabet is also higher as the founder steps down as CEO.
Workday (WDAY) not working. The human-resources cloud software firm is down 5% today not far from a 52-week low following earnings. Earnings were actually better than expectations as revenues rose 26.2% to $938.1 million, but lackluster guidance has investors in the selling mood. Workday lowered guidance going forward saying new product launches and a recent acquisition won't help its performance much next year. Part of the selling has to be due to valuation with the stock trading for 73 times earnings and 8 times sales.