PANW Stock Falls
Quick Read
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JPMorgan raised its S&P 500 target citing an AI earnings supercycle, with markets near all-time highs but showing little conviction heading into the open.
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Marvell extended its record 32% single-day surge with another 13% premarket gain, while Netflix trades 8% lower despite a 56% EPS improvement since Q4 2024.
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Live Blog Update #1 Published
Palo Alto Networks (NASDAQ:PANW | PANW Price Prediction) is trading lower in premarket action despite delivering a Q3 report that cleared expectations across the board. Revenue came in at $3.0 billion against the $2.94 billion estimate for a 31% year-over-year gain, while adjusted EPS of $0.85 topped the $0.80 consensus. Next-Generation Security ARR reached $8.1 billion, up 60% year over year, and remaining performance obligations climbed 36% to $18.4 billion, reflecting a healthy pipeline of committed future revenue. FY guidance was raised above Street expectations on both the top and bottom lines, with the company projecting revenue of $11.42 billion to $11.43 billion versus the $11.29 billion estimate and adjusted EPS of $3.77 to $3.79 against a $3.70 consensus. The premarket pullback to around $290.50 appears to reflect a market that had already priced in a strong quarter rather than any fundamental concern with the results.
All Updates from Live Coverage
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SpaceX has set its IPO price target at $135 per share, a figure that would place the company’s valuation in line with the record-setting numbers the Elon Musk-led space giant has been telegraphing ahead of Thursday’s roadshow kickoff.
Uber (NYSE:UBER) is trimming its workforce, announcing a 23% reduction in its People division, which comprises HR, recruitment, workplace facilities, and culture functions, according to Bloomberg. The cuts reflect a broader push across corporate America to streamline back-office operations as companies look to manage costs in an environment where efficiency has become as important a metric as growth.
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Morgan Stanley is doubling down on the memory chip trade, lifting its price target on Micron (NASDAQ:MU) to $1,050 from $520 and raising SanDisk (NASDAQ:SNDK) to $1,750 from $1,100, with both names kept at Overweight ratings. The analysts pointed to tightening memory supply, strong momentum carried over from last year, and a view that memory stocks have the runway to continue outpacing the broader market as the core pillars behind the upgraded targets.
The Nasdaq Composite has turned negative, falling 0.38% as of mid-morning trading.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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