Workday Shares Soar on Record $2.75 Billion Volume Climb to 27th in U.S. Liquidity Rankings

Workday (WDAY) surged 7.25% on Tuesday, driven by a 302.16% spike in trading volume to $2.75 billion, ranking 27th among U.S. stocks by liquidity. The cloud-based software provider’s share price momentum reflects renewed investor confidence in its enterprise solutions amid broader market volatility.

Recent strategic developments highlighted in market analysis underscore Workday’s positioning in the SaaS sector. Analysts noted the company’s recent product innovations and expanding client base as catalysts for near-term optimism. However, long-term growth prospects remain contingent on macroeconomic conditions and competitive dynamics in the enterprise software space.

To build an accurate back-test I need to pin down a few practical details: 1. Universe • Should the ranking be done across all U.S. common stocks (listed on NYSE + NASDAQ + AMEX), or a narrower set (e.g., S&P 1500 constituents, Russell 3000, etc.)? 2. Rebalancing mechanics • We’ll rebalance every trading day, buying the 500 highest-volume names of the previous session and closing them out after exactly one trading day. • Please confirm trade price assumptions: – Entry: buy at today’s (rank day’s) close, or tomorrow’s open? – Exit: following day’s close, or open? 3. Weighting • Equal-weight each position, or weight by volume / market-cap? 4. Corporate-actions & survivorship • Is it acceptable to use adjusted prices (split/dividend adjusted) and a survivorship-bias-free universe? 5. Benchmark (optional) • Any benchmark you’d like the results compared against (e.g., SPY)? Once these are clarified I can fetch the requisite daily volume and price data, construct the daily portfolios and run the back-test from 2022-01-03 through today.