Palo Alto Networks 2024 Outlook

And, SolarEdge's interest rate doom.

Today is Wednesday, February 21, 2024.

The Early Bird Index today is 67.27.

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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.

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Notable Earnings Today: Nvidia (Nasdaq: NVDA), Etsy (Nasdaq: ETSY), Rivian Automotive (Nasdaq: RIVN), Wingstop (Nasdaq: WING), (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

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.

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The contents from Early Bird are for informational and entertainment purposes only and do not constitute financial or legal advice.