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Dr. Tony Obahieme, APC Chieftain, Declares:
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Palo Alto Networks (PANW) shares jumped during intraday trading Tuesday after the cybersecurity company reported stronger-than-expected earnings amid its ongoing "platformization" efforts.
Shares of Palo Alto Networks rose nearly 9% Tuesday morning, contributing to their more than 25% year-to-date gain.
Several analysts lifted their price targets on Palo Alto's stock following the strong quarterly results. They noted the company's platformization-related sales strength, early artificial intelligence (AI) gains, and the impact of last month's CrowdStrike (CRWD) outage.
Palo Alto Networks provided investors with updates about its platformizaton strategy, where it consolidates its cybersecurity services on its platform and bundles offers to support sales. The company also noted early gains from its integration of AI.
Jefferies analysts lifted their target for the stock to $400 from $365, saying that "most importantly" the company "continues to take share via consolidation."
Citi analysts, who raised their target to $395 from $385, highlighted that Palo Alto Networks showed investors "tangible platformization proof points."
The cybersecurity provider reported that platformization momentum accelerated during the fiscal fourth quarter with the number of consolidated deals up 50%.
Palo Alto Networks' early gains from AI integration also caught analysts' attention.
J.P. Morgan analysts said the company showcased "early momentum in AI" with its AI-infused cybersecurity offerings. The analysts lifted their price target to $387 from $365.
Citi analysts said Palo Alto Networks represents a "GenAI story with real-teeth."
Analysts have indicated that Palo Alto Networks along with other competitors like SentinelOne (S) could gain customers leaving CrowdStrike after a faulty update last month caused a global tech outage and cost clients billions.
"The recent outage has caused a number of customers to reevaluate their options," Palo Alto Networks CEO Nikesh Arora said in the company's earnings call.
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A Concerned Nigerian, Mc Orobo, Weighs in on the Battle Between VDM and Prophet Jeremiah: Floors VDM for Misinformation and Defamation
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Boeing (BA) has found cracks in the structure of its 777X jetliner in initial test flights, another mishap for the carrier this year.
The plane maker said it is grounding its 777X test fleet after an inspection showed the failure of a key engine mounting structure.
"During scheduled maintenance, we identified a component that did not perform as designed," a Boeing spokesperson said in a statement provided to. "Our team is replacing the part and capturing any learnings from the component and will resume flight testing when ready."
The news of the cracks in the jet was first reported by trade publication
Boeing shares, which are falling 1.5% in premarket trading, are down more than 30% this year as the airplane maker grapples with a series of setbacks since a door plug detached during an Alaska Airlines (ALK) flight in January, leading the Federal Aviation Administration (FAA) to ground expansion plans for its best-selling 737 MAX.
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Media executive Edgar Bronfman Jr. has reportedly submitted a formal $4.3 billion bid for National Amusements, the controlling shareholder of Paramount Global (PARA), after Skydance Media struck a deal for Shari Redstone's media empire last month.
According to , Bronfman's offer for National Amusements is similar in price to Skydance's, but apart from a $400 million breakup fee, a key difference is that there would be no dilution for Paramount shareholders, as it isn't an all-stock bid.
Bronfman has secured financing from high-net-worth individuals and family offices, and is teaming up with movie producer Steven Paul, the report said.
The reported bid by Bronfman comes as a 45-day "go-shop period" that allows Paramount to seek a better offer expires Wednesday.
Bronfman's is the latest in a series of offers for control of Paramount in recent months. The entertainment firm, which owns CBS, MTV, and its eponymous movie studio, has been struggling as the rise of streamers like Netflix (NFLX) disrupt traditional networks.
Paramount shares are down about 3% an hour before the opening bell Tuesday.
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Shares in Palo Alto Networks (PANW) rose in premarket trading Tuesday after the cybersecurity provider released quarterly results that surpassed expectations and issued an outlook at the high end of Wall Street forecasts, as customers embraced its offerings amid growing cyber threats.
Although the shares have gained about 16% higher since the start of the year, investors have scrutinized the company’s platformization plan. Under the strategy, the company consolidates its cybersecurity services on its platform and bundles offers, in an effort to become a one-stop shop for clients.
Palo Alto shares were up 2.4% at $351.50 about two hours before the opening bell Tuesday.
Below, we discuss the technicals on Palo Alto’s chart and point out important price levels to watch out for following the better-than-expected results.
Since bottoming out in January last year, Palo Alto shares have remained in a long-term uptrend. More recently, buyers promptly snapped up a temporary dip below a multi-month trendline and the 200-day moving average earlier this month, with the price continuing to show upward momentum leading into the company’s quarterly report.
If Palo Alto shares rally, investors should monitor three overhead price levels of interest.
The first sits around $345. Although projected to open above this level on Tuesday, it’s worth monitoring if the stock can hold this area, a location that may encounter selling pressure near periods of consolidation on the chart during January and February.
Further bullish momentum could see the shares revisit the $375 region, where they would likely run into significant resistance around the stock's all-time high (ATH) set in February.
To forecast an upside target above the stock’s record high, we can use a bars pattern, a chart technique that comes in handy when there’s no prior price action to compare. We do this by taking the trending move from November to February and repositioning it from this month’s low, which projects a target of around $435.
If the shares undergo a pullback, investors should keep a close eye on the $316 level just above the multi-month uptrend line and rising 200-day MA. This area on the chart would likely attract buying interest near a key horizontal line joining the December swing high with several other peaks and troughs around the same level between February and August.
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