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Today is Friday, May 22, 2026.
The Early Bird Index today is 87.01.
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Workday Raises the Bar 📈
Workday $WDAY ( ▼ 3.76% ) surged 11.06% in after-hours trading on Thursday after the enterprise software company posted strong financial earnings results.
Financials: Workday reported earnings of $2.66 per share in the past quarter and revenue of $2.542 billion. Both were better than expected.
Details: Revenue increased 13.5% year-over-year, including a 14.3% increase in subscription revenue.
Powering the Story: On Thursday, Workday raised its full-year non-GAAP operating margin outlook to 30.5%.
Early Bird’s Nest Egg Gains: Workday is in good shape because its core subscription business is still growing well, backlog is rising, and cash generation is strong, while management has also been able to run the company more efficiently.
The biggest reason is that demand for Workday’s HR and finance platform remains resilient, even in a tighter IT spending environment.
Final Thoughts: It was about time Workday’s stock got some support. It had been down 40% this year.
Q1 2026: $20.8B in BDC Redemption Requests. 0.44% Lifetime Net Loss Rate on Percent.
In Q1 2026, the non-traded BDC market hit $20.8B in redemption requests — most investors received roughly half of what they asked for. Moody's revised the U.S. BDC sector outlook to Negative. Investors who thought they owned liquid private credit found out their fund manager decided whether they could get out.
On Percent's marketplace that same quarter: new issuances, scheduled payments, and a 0.44% lifetime net loss rate on asset-based deals that's held since inception.†
The difference is structural. BDCs often own concentrated corporate loans with quarterly redemption windows that close at the manager's discretion. Percent finances specialty lenders against pools of performing receivables — diversified, overcollateralized, short duration.
Track record through 3/31/26:†
14.6% net ABS returns LTM after losses
0.44% lifetime net loss rate since inception (asset-based deals)
$1.62B+ in ABS originations
870+ offerings completed
Deal terms 6–24 months · Starting at $500
Alternative investments are speculative. No assurance can be given that investors will receive a return of their capital. Secondary market transactions are subject to availability and issuer approval; liquidity is not guaranteed. †Past performance is not indicative of future results. Terms apply.
Notables
Notable Earnings Today: Booz Allen Hamilton (NYSE: BAH), BJ's Wholesale (NYSE: BJ), Global Ship Lease (NYSE: GSL).
Notable IPOs Today: Shreya Acquisition Group (NYSE: SAGU), Federal Agricultural Mortgage Corporation (NYSE: AGM), Disciplined Growth Acquisition Corporation (NYSE: DGAC), FortuneX Acquisition Corporation Units (Nasdaq: FXACU), Peace Acquisition Corp Units (Nasdaq: PECEU).
Notable Equity Crowdfunding Campaigns Ending Today: EcoSave Technologies (Wefunder), Harding House Brewing Co (Honeycomb).
Notable Economic Events Today: Michigan Consumer Expectations / Sentiment (10:00 a.m. ET), U.S. Leading Index (10:00 a.m. ET).
Estée Lauder Ends Merger Talks
Shares of Estée Lauder Companies $EL ( ▲ 0.91% ) surged 10.62% in after-hours trading on Thursday after announcing that it is ending discussions with Puig about a possible merger.
Background: Estée Lauder said on March 23 that it was in discussions with Puig regarding a potential business combination.
Quote: “Today, we are reiterating our confidence in the power of our incredible brands, our talented teams, and our strength as a standalone company.” - CEO Stéphane de La Faverie.
Final Thoughts: Estée Lauder’s stock had been in the red since merger talks began in March.
Zoom Posts Strong Results
Zoom Communications $ZM ( ▼ 2.69% ) jumped 8.24% in after-hours trading on Thursday after reporting strong financial earnings results.
Financials: Zoom reported earnings of $1.55 per share in the past quarter and revenue of $1.24 billion. Both were better than expected.
Quote: “Customers are increasingly adopting Zoom as an AI-first system of action for modern work, with AI Companion paid users growing 184% year over year.” - CEO Eric S. Yuan.
Final Thoughts: Zoom’s stock was already up 16% this year.
Trends to Watch
Game On: Take-Two Says ‘GTA VI’ Launch Still Set for Nov. 19 (Wall Street Journal)
Abandoning Bitcoin: Mark Cuban says he sold most of his Bitcoin after failed hedge narrative 'disappointed' the billionaire (CoinDesk)
Clearly Bad: CLEAR token tanks 48% as Everclear winds down protocol, foundation and labs unit (The Block)
Star-Struck: SpaceX is heavily reliant on Starlink for growth and profit as it marches toward Nasdaq listing (CNBC)
Costly Fuel: Walmart signals it may raise prices in response to soaring fuel costs (NBC News)
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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations, and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.
