Palantir propels higher as enterprise software stocks show mixed reactions

Palantir (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 to remedy the government shutdown.

The Alex Karp-led company also entered into an agreement with Surf Air Mobility (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 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) was up 1%.

Atlassian (TEAM) had inched up 0.1%, while Salesforce (CRM), ServiceNow (NOW) and SAP (SAP) had all decreased by 1%. Workday (WDAY) had declined 0.5%. Meanwhile, monday.com (MNDY) had dropped 13% following its latest quarterly financial report and outlook. Figma (FIG) and Adobe (ADBE) were down 2% and 0.3%, respectively.

However, software giant Microsoft (MSFT) had increased 0.7%, while Oracle (ORCL) was up 0.6%. JFrog (FROG) had jumped 7%.

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