Palantir propels higher as enterprise software stocks show mixed reactions

[Palantir Technologies]
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Palantir (PLTR [https://seekingalpha.com/symbol/PLTR]) shares jumped 7% by noon trading on Monday as the enterprise software sector showed mixed reactions following reports the U.S. Senate had struck a deal [https://seekingalpha.com/news/4519391-sp500-dow-jones-nasdaq-composite-stock-market-news] to remedy the government shutdown.

The Alex Karp-led company also entered into an agreement [https://seekingalpha.com/news/4519324-surf-air-mobility-enters-100m-transaction-to-enhance-surfos-software] with Surf Air Mobility (SRFM [https://seekingalpha.com/symbol/SRFM]) to receive $6M of common stock from the regional air mobility platform as a prepayment for continued access to its software and services.

Palantir's government revenue [https://seekingalpha.com/article/4841010-palantir-q3-results-proved-trillion-dollar-company-in-the-making] increased more than 50% year over year in its most recent earnings report to reach nearly $500M. At the same time, its commercial segment also surged.

The iShares Expanded Tech-Software Sector ETF (IGV [https://seekingalpha.com/symbol/IGV]) was up 1%.

Atlassian (TEAM [https://seekingalpha.com/symbol/TEAM]) had inched up 0.1%, while Salesforce (CRM [https://seekingalpha.com/symbol/CRM]), ServiceNow (NOW [https://seekingalpha.com/symbol/NOW]) and SAP (SAP [https://seekingalpha.com/symbol/SAP]) had all decreased by 1%. Workday (WDAY [https://seekingalpha.com/symbol/WDAY]) had declined 0.5%. Meanwhile, monday.com (MNDY [https://seekingalpha.com/symbol/MNDY]) had dropped 13% following its latest quarterly financial report [https://seekingalpha.com/news/4519195-mondaycom-slumps-despite-q3-beat-q4-revenue-outlook-below-estimates] and outlook. Figma (FIG [https://seekingalpha.com/symbol/FIG]) and Adobe (ADBE [https://seekingalpha.com/symbol/ADBE]) were down 2% and 0.3%, respectively.

However, software giant Microsoft (MSFT [https://seekingalpha.com/symbol/MSFT]) had increased 0.7%, while Oracle (ORCL [https://seekingalpha.com/symbol/ORCL]) was up 0.6%. JFrog (FROG [https://seekingalpha.com/symbol/FROG]) had jumped 7%.

Several cybersecurity software companies were trending higher on Monday. Rubrik (RBRK [https://seekingalpha.com/symbol/RBRK]) had gained 3.9%, CrowdStrike (CRWD [https://seekingalpha.com/symbol/CRWD]) ticked up 1.3%, Palo Alto Networks (PANW [https://seekingalpha.com/symbol/PANW]) and CyberArk (CYBR [https://seekingalpha.com/symbol/CYBR]) had both edged up by 0.8%. SentinelOne (S [https://seekingalpha.com/symbol/S]) had increased 1%, while Zscaler had gained 2.7%.

MORE ON PALANTIR AND RUBRIK

* Palantir: 4 Potential Outcomes To Its Overpriced AI Story [https://seekingalpha.com/article/4841031-palantir-four-potential-outcomes-to-its-overpriced-ai-story]
* Palantir's Q3 Proved It's A $1 Trillion Company In The Making [https://seekingalpha.com/article/4841010-palantir-q3-results-proved-trillion-dollar-company-in-the-making]
* Palantir Technologies' Bearish Thesis Looks Even Stronger Now [https://seekingalpha.com/article/4840814-palantir-technologies-bearish-thesis-looks-even-stronger-now]
* Rubrik inks strategic collaboration with Amazon Web Services, shares up [https://seekingalpha.com/news/4519337-rubrik-inks-strategic-collaboration-with-amazon-web-services-shares-up]
* Surf Air Mobility enters $100M transaction to enhance SurfOS software [https://seekingalpha.com/news/4519324-surf-air-mobility-enters-100m-transaction-to-enhance-surfos-software]