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Workday (WDAY) held onto its big gains, finishing its first trading day with a price of $48.69...

Workday (WDAY) held onto its big gains, finishing its first trading day with a price of $48.69 and a market cap of $7.8B. Workday's valuation - steep even if based on expected 2012 bookings of $500M+ rather than trailing sales - is producing plenty of chatter. Defenders point to Workday's huge contracts with the likes of Google, H-P, and AIG, and the fact its share of the HR and (especially) ERP software markets is still quite low relative to incumbents Oracle and SAP, who are trying to return fire.
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