Palo Alto Networks 2024 Outlook

Despite posting better-than-expected financial results on Tuesday, the cybersecurity company Palo Alto Networks (Nasdaq: PANW) plummeted by 21.07% in after-hours trading due to a terrible outlook.

Details: Palo Alto Networks reported earnings of $1.46 per share in the past quarter and revenue of $1.97 billion; both were better than expected.

Powering the Story: The company cut its full-year outlook. In 2024, it now expects billings in the range of $10.10 billion to $10.20 billion, while total revenue will only be in the range of $7.95 billion to $8.00 billion. The revenue outlook for the current quarter was also lower than expected.

Bigger Picture: The financial results caused other cybersecurity stocks to fall in after-hours trading. CrowdStrike (Nasdaq: CRWD) decreased by 7.63% and Zscaler (Nasdaq: ZS) dropped by 8.32%.

Final Thoughts: Palo Alto Networks was up 119% in the last 12 months before these financial results. Recent analyst downgrades should have been hints that this company is facing some issues.

Turn Your Cash into Passive Income (Sponsored)

Short-term rentals are one of the smartest wealth-building strategies today. However, setting up and managing your own rental property can get complex and tedious.

Techvestor makes it easy.

With Techvestor, you will be able to passively invest in a diversified portfolio of short-term rentals across the U.S. with as little as $25,000.

They'll do all the work and send you passive income every quarter.

You invest. Techvestor does the rest.

Click here to request an invite to learn more today.

Notables

Notable Earnings Today: Nvidia (Nasdaq: NVDA), Etsy (Nasdaq: ETSY), Rivian Automotive (Nasdaq: RIVN), Wingstop (Nasdaq: WING), Wix.com (Nasdaq: WIX), Lucid Group (Nasdaq: LCID), Marathon Oil (NYSE: MRO), Medical Properties Trust (NYSE: MPW), Bally's (NYSE: BALY), Photronics (Nasdaq: PLAB), Garmin (NYSE: GRMN), Jack In The Box (Nasdaq: JACK), Sunnova Energy (NYSE: NOVA), Dutch Bros (NYSE: BROS), Suncor Energy (NYSE: SU), Exelon (Nasdaq: EXC), Synopsys (Nasdaq: SNPS), Analog Devices (Nasdaq: ADI), Alight (NYSE: ALIT), ANSYS (Nasdaq: ANSS), Avista (NYSE: AVA) B2Gold (NYSE American: BTG), Bausch + Lomb (NYSE: BLCO), Camping World (NYSE: CWH), Cheesecake Factory (Nasdaq: CAKE), Chesapeake Utilities (NYSE: CPK), Chord Energy (Nasdaq: CHRD), Churchill Downs (Nasdaq: CHDN), Clean Harbor (NYSE: CLH), Coeur Mining (NYSE: CDE), DigitalOcean (NYSE: DOCN), Exact Sciences (Nasdaq: EXAS), Fidelity National (NYSE: FNF), First Majestic Silver (NYSE: AG), Gildan Activewear (NYSE: GIL), Glaukos (NYSE: GKOS), Global-E Online (Nasdaq: GLBE), HF Sinclair (NYSE: DINO), Host Hotels (Nasdaq: HST), Huntsman (NYSE: HUN), Ionis Pharma (Nasdaq: IONS), Jackson Financial (NYSE: JXN), LivaNova (Nasdaq: LIVN), Marriott Vacations (NYSE: VAC), Mister Car Wash (NYSE: MCW), Mosaic (NYSE: MOS), NiSource (NYSE: NI), Nordson (Nasdaq: NDSN), Olo Inc. (NYSE: OLO), ONE Gas (NYSE: OGS), Pan Am Silver (TSE: PAAS), Pulmonx (Nasdaq: LUNG), Q2 Holdings (NYSE: QTWO), Range Resources (NYSE: RRC), Shutterstock (NYSE: SSTK), Sunrun (Nasdaq: RUN), Tandem Diabetes Care (Nasdaq: TNDM), United Therapeutics (Nasdaq: UTHR), Valmont (NYSE: VMI), Vertiv Holdings (NYSE: VRT), Vimeo (Nasdaq: VMEO), Wolverine World Wide (NYSE: WWW).

Notable IPOs Today: Wetouch Technology Inc. Common Stock (Nasdaq: WETH), DT Cloud Acquisition Corporation Unit (Nasdaq: DYCQU).

Notable Equity Crowdfunding Campaigns Ending Today: Fishnet (Wefunder).

Notable Economic Events Today: FOMC Meeting Minutes (2:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

SolarEdge's Interest Rate Doom

Photo by Parsoa Khorsand on Unsplash

The smart energy tech company SolarEdge (Nasdaq: SEDG) fell by 11.35% in after-hours trading on Tuesday after reporting lower-than-expected sales.

Powering the Story: SolarEdge said that it faced a “weaker market due to higher interest rates and lower power prices.”

Final Thoughts: SolarEdge, down 71% in the last 12 months, expects lower sales in the current quarter. This is a tough stock to trust.

Toll Brothers Jumps as Demand Grows

Toll Brothers (NYSE: TOl) jumped 2.27% in after-hours trading on Tuesday after posting strong financial results.

Final Thoughts: Toll Brothers also posted a better-than-expected outlook for 2024. The stock is up 85% in the last 12 months as demand for homebuilding improves.