Workday, Adobe, Salesforce among largest gaining enterprise stocks as inflation slows down
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Workday (NASDAQ:WDAY), Adobe (NASDAQ:ADBE) and Salesforce (NYSE:CRM) were among the biggest gainers in enterprise software on Thursday as the sector reacted positively to slowing inflation data.
Workday (WDAY) gained more than 12% to $151.23 in mid-day trading, while Adobe (ADBE) tacked on more than 9% and Salesforce (CRM) popped more than 8%.
Earlier this week, it was reported that Salesforce (CRM) had laid off "hundreds" of employees due to the weakening global economy, with the potential cuts climbing as high as 2,500.
Workday (WDAY) is slated to report third-quarter results on November 29 after the close of trading.
Among other stalwarts on Thursday were Microsoft (MSFT), which rose more than 6.5%, while Autodesk (ADSK) tacked on more than 13.5% and Oracle (ORCL) gained 2%.
Cybersecurity stocks also rose on back of the weaker-than-expected CPI report, with Fortinet (FTNT), Palo Alto Networks (PANW), CyberArk (CYBR) and CrowdStrike Holdings (CRWD) among those seeing outsized gains.
On Thursday, the U.S. government reported that the Consumer Price Index for October rose 0.4%, below the 0.7% that was expected. On a year-over-year basis, prices rose 7.7%, below the 8% that analysts were anticipating. 
On Monday, investment firm Guggenheim upgraded Workday (WDAY), noting that the recent downturn in the stock price seems overdone.