A flat hundred, with Navan up and WEX down

The hundred is indicated down 0.08%

The hundred largest software names are indicated −0.08%. Application is −0.11% across 56 names. Infrastructure is −0.03% across 44. IGV is −0.50%, and the monitor puts the book 0.43 points ahead of that ETF. Breadth is 40 up, 54 down, and 6 unchanged.

This is not one story. Navan leads at +3.55%. NetApp is up 3.01% after a product day. WEX is the laggard at −3.16%, with no new company release behind it. Duolingo, yesterday's leader, is indicated −0.79%. The megacaps are mostly inside a percent of unchanged.

Navan leads on a raised travel-platform outlook

Navan, rank 96, application, is indicated $20.69, up 3.55%. There is no new earnings release this morning. The print is still the 9 September release for the quarter ended 31 July 2026.

Revenue was $233 million, up 35%. Gross booking volume was $3.0 billion, up 45%. Non-GAAP income from operations was $17 million, against $8 million a year earlier. GAAP loss from operations widened to $26 million, from $12 million. New signed gross booking volume in the sales-led channel was a record $4.0 billion on a trailing-twelve-month basis, up 60%.

Management raised the fiscal 2027 revenue range to $927–$933 million, about 32% growth at the midpoint, and non-GAAP operating income to $82–$86 million. The next checkpoint in that release is the third quarter: revenue $253–$255 million and non-GAAP operating income $35.5–$36.5 million.

NetApp paired a record quarter with a new cloud storage plan

NetApp, rank 27, infrastructure, is indicated $210.23, up 3.01%. On 29 September the company and Oracle announced a fully managed storage service that would bring NetApp ONTAP onto Oracle Cloud Infrastructure. The service is planned for general availability within 12 months. The same day, at its Insight event, NetApp unveiled Novus, a file system aimed at AI factories.

The financial base is the 2 September release for the first quarter of fiscal 2027, ended 31 July. Net revenue was a record $2.03 billion, up 30%. All-flash array revenue was $1.3 billion, up 47%. Public cloud revenue was $206 million, up 28%. Billings were $2.06 billion, up 36%. GAAP operating margin was 23.9%. Non-GAAP operating margin was 31.9%. The company raised full-year revenue guidance to $7.975–$8.225 billion and non-GAAP earnings per share to $9.73–$10.03.

WEX is the laggard, and July is still the last print

WEX, rank 88, infrastructure, is indicated $171.46, down 3.16%. No company release this morning explains the move.

On 22 July, WEX reported second-quarter revenue of $753.5 million, up 14.2%. That increase included $63.8 million from fuel prices and $2.1 million from foreign exchange. Adjusted net income was $5.35 per diluted share. The company raised full-year 2026 revenue guidance to $2.86–$2.90 billion and adjusted net income per diluted share to $19.68–$20.08. Until there is a new filing, the tape is the news and the July print is the base.

Duolingo is quiet, on a year built around users

Duolingo, rank 80, application, is indicated $141.50, down 0.79%. It led the hundred on Tuesday. It is not leading today.

The last company print is the second-quarter shareholder letter for the period ended 30 June 2026. Revenue was $298.5 million, up 18%. Daily active users were 58.7 million, up 23%. Paid subscribers were 12.7 million, up 17%. Total bookings were $289.1 million, up 8%. Adjusted EBITDA was $77.3 million, a 25.9% margin, against 31.2% a year earlier. Free cash flow was $78.6 million. The letter says this year's margin reflects a choice to invest in user growth. Bookings grew slower than users, and slower than revenue.

The sleeves are both slightly red, and the book still leads IGV

Application is indicated −0.11% across 56 names. Infrastructure is indicated −0.03% across 44. The hundred is −0.08%. IGV is −0.50%. The monitor says infrastructure led by 0.08 points and the book is 0.43 points ahead of IGV. Breadth is 40 up, 54 down, and 6 unchanged.

The sleeves did not split. The gap versus the ETF is the cleaner read. The large infrastructure names are quiet, which is why a slightly red equal-weight book can still sit ahead of IGV.

Four other names on the monitor

• Autodesk, rank 26, is indicated $203.15, down 1.94%. No company release was opened for this note.
• Clear Secure, rank 91, is indicated $41.22, up 2.75%.
• Dropbox, rank 76, is indicated $32.70, up 1.75%.
• The monitor's copy line points at Salesforce, under the title "Salesforce (CRM) Shares Declined Despite a Durable Enterprise Software Franchise." The piece was not opened.