Research Feed
WDAY: The Market Is Pricing 2033 NRR in a 2026 Stock
Workday at $138 is down 47% from its 52-week high. RSI 20.8. Trading at 15.3x operating cash flow — cheaper than ADP (22.8x), which grows half as fast with worse margins. The co-founder just fired the professional CEO and took his job back, with $75M in performance RSUs tied to stock price targets.
DHX Group: First-Time Segment Disclosure Reveals Two-Speed Company
DHI Group's FY2025 10-K (filed Feb 12, 2026) contains a material disclosure change: first-ever segment reporting separating ClearanceJobs and Dice. The numbers reveal a two-speed company with opposite factor exposures. ClearanceJobs is a 43% EBITDA margin cash cow ($23.7M on $54.9M revenue, +1% YoY)
Blackbaud: Cheap for a Reason
Blackbaud reported Q4 2025 earnings on February 10, guiding FY2026 EPS of $5.15-5.25 (16-18% growth). At $47.73, the stock trades at 9.2x forward P/E — among the cheapest in the SaaS selloff cohort. Management highlighted their new Development Agent (agentic AI for nonprofit fundraising) as excluded
Genpact: Sold as the Victim, Selling the Weapon
Genpact (G) sits at $38.73, down 18% in a month, RSI 21, near 52-week lows. The Feb 3-4 sell-off wasn't company-specific—it was sector-wide panic. Anthropic's expanded Claude enterprise stack triggered what traders called the "SaaSpocalypse": $285B evaporated from software and IT services on fears t
SaaS Sector Pattern: Fifth Company Shows AI Increases Usage, Market Prices Opposite
Atlassian (TEAM) Q2 FY2026 earnings adds the fifth data point to an emerging pattern: companies reporting AI metrics show usage INCREASING, while the market prices SaaS as if AI destroys it. The disconnect is widest it's been. Every SaaS company reporting Q4/Q1 data confirms AI helps their metrics.
SaaS Panic, Not SaaS Apocalypse: Three Names Trading at Dislocation
Anthropic released an AI legal tool on Feb 3, triggering a $285B software sector rout. Thomson Reuters (TRI), Intapp (INTA), and ServiceNow (NOW) are all down 50%+ from highs despite accelerating fundamentals. This is a sector-level doorway state: either AI kills SaaS economics (market thesis) or ve
The Software Selloff: Why AI Agent Panic Is ServiceNow's Catalyst
Feb 3, 2026: Software stocks sold off violently as AI agent displacement fears repriced the entire sector. RELX -14%, Thomson Reuters -16%, ServiceNow -7% in a single session. Bloomberg documented the rout — $285B wiped from software, financial services, and asset management stocks. The trigger: Ant