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Nov 15 (Reuters) - Palo Alto Networks (PANW.O) on Wednesday forecast second-quarter billings below market expectations and said its billings were "impacted by the cost of money", sending the cybersecurity company's shares down about 6% after the bell. Santa Clara, California-based Palo Alto forecast second-quarter billings in the range of $2.34 billion to $2.39 billion, compared with analysts' expectations of $2.42 billion, according to LSEG data. The company expects its annual billings to be between $10.7 billion and $10.8 billion, compared with its prior forecast range of $10.9 billion to $11 billion. Palo Alto posted a 20% rise in its first-quarter revenue to $1.88 billion, higher than average analysts' estimate of $1.84 billion. Palo Alto earlier this month announced its intention to buy Israeli startup Talon Cyber Security as it looks to beef up its cyber security offerings to enterprises.
Persons: Fortinet, Zaheer Kachwala, Shilpi Majumdar Organizations: Palo Alto Networks, Palo, Palo Alto, Thomson Locations: billings, Santa Clara , California, Bengaluru
Bottom line What should we make of this Palo Alto Networks quarter? Palo Alto has two types of customers: ones that pay annually and others that pay upfront over three years. At the close of regular trading Wednesday, Palo Alto shares were up nearly 84% this year. Total revenue of $1.96 billion to $1.97 billion, with the midpoint of $1.97 billion in line with estimates. Arora Nikesh, Palo Alto Networks CEO & Chairman at the WEF in Davos, Switzerland on May 23rd, 2022.
Persons: cybersecurity, we're, billings, Billings, there's, Nikesh Arora, haven't, We've, Arora, Jim Cramer, Jim Cramer's, Jim, Arora Nikesh, Adam Galica Organizations: Palo Alto Networks, Management, LSEG, billings, Alto, Billings, Palo Alto, Palo, Networks, CNBC Locations: billings, Palo, Alto, Palo Alto, Davos, Switzerland
SUN CITY, South Africa (AP) — Max Homa can finally say he's an international winner. Homa shot a 6-under 66 to win the Nedbank Golf Challenge in South Africa on Sunday for his first win abroad. Homa finished at 19 under for the tournament, four shots ahead of Nicolai Hojgaard to add to his six PGA Tour career titles. Homa secured the win with a final round that included six birdies, an eagle and two bogeys. He also had a 66 on Friday, but shot even-par 72 both Thursday and Saturday to see his title chances diminished.
Persons: Max Homa, Homa, Nicolai Hojgaard, , Thorbjorn Olesen, Homa hadn’t, “ It’s, ” Homa, Africa’s, Justin Thomas, Thomas, ” Thomas, , would’ve, Max hadn’t, Thomas Fleetwood, Frenchman Matthieu Pavon, Dan Bradbury, England, ___ Organizations: SUN CITY, Sunday, Homa, Ryder, Gary Player Country Locations: South Africa, Italy, Europe, Dubai, Homa
Final Trades: Fortinet, Wynn & more
  + stars: | 2023-11-08 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Fortinet, Wynn & moreThe "Halftime Report" traders give their top picks to watch for the second half.
Organizations: Wynn
Lightning Round: Textron is way too cheap, says Jim Cramer
  + stars: | 2023-11-08 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: Textron is way too cheap, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stocks including: Fortinet, UiPath, Prudential Financial, Diageo, Textron and Target.
Persons: Jim Cramer Organizations: Textron, Prudential Financial, Diageo, Target Locations: UiPath
Cramer's Lightning Round: 'Do not touch' UiPath
  + stars: | 2023-11-08 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon Fortinet's year-to-date stock performance. Stock Chart Icon Stock chart icon UiPath's year-to-date stock performance. Stock Chart Icon Stock chart icon Prudential's year-to-date stock performance. Stock Chart Icon Stock chart icon Textron's year-to-date stock performance. Stock Chart Icon Stock chart icon Target's year-to-date stock performance.
Organizations: Palo Alto Networks, Prudential, Diageo, Textron Locations: Fortinet, Palo Alto
PANW YTD mountain Palo Alto Networks YTD Shares of Palo Alto Networks dropped another 4% on Monday, adding to Friday's more than 2.5% decline on Fortinet's disappointing full-year guidance. Investors were making assumptions about what Fortinet's concerns might mean for Palo Alto. In August , we told members to pick up shares of Palo Alto, which were down then, like now, on comments from Fortinet's management team. HUM YTD mountain Humana YTD Humana is another name whose stock price action simply does not reflect the fundamentals we saw in the company's most recent earnings report , out last Wednesday. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Palo, That's, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: DuPont, Palo Alto Networks, Caterpillar, Palo, U.S ., Humana, CNBC, Traders, New York Stock Exchange, Getty Locations: overbought, Palo, Palo Alto, Tenable, New York City
For the week, the S&P 500 gained 5.9%, for its biggest gain since November 2022 and Nasdaq added 6.6%, also showing its biggest gain since Nov. 2022. The Dow showed a weekly gain of 5.1%, its biggest since late October 2022. The jobs data also helped push U.S. Treasury yields lower for the fourth consecutive session. Most of the 11 major S&P 500 sectors advanced, led by rate-sensitive real estate (.SPLRCR), which finished up 2.4%, after hitting its highest since late September. The S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 53 new highs and 77 new lows.
Persons: Brendan McDermid, nonfarm, Matt Palazzolo, Palazzolo, Dow, Tony Welch, Russell, SignatureFD's Welch, Welch, Sinéad Carew, Amruta, Sriraj Kalluvila, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Apple, Dow, Nasdaq, Federal, Labor, Big, Bernstein Private Wealth Management, Fed, Dow Jones, Treasury, SignatureFD, NYSE, Thomson Locations: New York City, U.S, Atlanta Georgia, New York
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 26, 2023. Such hopes, coupled with upbeat earnings reports, have put all three major Wall Street indexes on course for their biggest weekly percentage gain in about a year. Apple (AAPL.O) was an outlier, down 1.3% after its sales forecast for the holiday quarter fell short of Wall Street expectations. Most major S&P 500 sectors traded in the green, led by real estate (.SPLRCR), which jumped 3.3% to an over one-month high. The S&P index recorded 17 new 52-week highs and no new low, while the Nasdaq recorded 42 new highs and 51 new lows.
Persons: Brendan McDermid, nonfarm, Paul Nolte, Murphy, Russell, Amruta Khandekar, Sriraj Kalluvila, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Apple, Dow, Nasdaq, Federal, Labor, Big, Fed, Sylvest Wealth Management, Federal Reserve, Treasury, Nvidia, Dow Jones, NYSE, Thomson Locations: New York City, U.S
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 3 (Reuters) - Fortinet (FTNT.O) sank 23% and sparked a selloff in cybersecurity stocks with a dismal forecast that compounded fears of slowing client spending in an uncertain economy. Fortinet cut its annual revenue target on Thursday and said it expects current-quarter sales between $1.38 billion and $1.44 billion, below estimates of $1.50 billion, LSEG data showed. Growth is also slowing in some parts of the company's business as demand normalizes after two years of rapid growth during the pandemic. Overall, five brokerages downgraded the company and at least 14 analysts cut their price targets, pushing the median to $60, LSEG data showed. It currently trades at nearly 33 times its 12-month forward earnings estimates, compared with Palo Alto's 44.6 and CrowdStrike's 54.5.
Persons: Dado Ruvic, Raymond James, Keith Jensen, Samrhitha Organizations: REUTERS, Palo, Thomson Locations: Palo Alto, Bengaluru
Cramer’s Stop Trading: Fortinet
  + stars: | 2023-11-03 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer’s Stop Trading: FortinetCNBC’s Jim Cramer explains why he is keeping an eye on shares of Fortinet.
Persons: Jim Cramer Locations: Fortinet
Despite doom-and-gloom from a competitor around cybersecurity spending, Jim Cramer said Friday that it's the perfect time to buy industry leader Palo Alto Networks (PANW), considering the onslaught of recent high-profile hacks and breaches. PANW YTD mountain Palo Alto Networks (PANW) year-to-date performance In fact, companies need the services of cybersecurity specialists, Palo Alto, more than ever nowadays. On Oct. 20 , identity management company Okta (OKTA) said its support systems were hacked. Cramer said Palo Alto Networks stands to benefit. Signage outside Palo Alto Networks headquarters in Santa Clara, California, U.S., on Thursday, May 13, 2021.
Persons: Jim Cramer, Fortinet, , Jim, there's, Estee Lauder, we've, Tracey Thomas Travis, Linda Rendle, Cramer, Needham, Jim Cramer's, David Paul Morris Organizations: Palo Alto Networks, Palo, Boeing, Palo Alto, CNBC, Bloomberg, Getty Locations: Palo Alto, Fortinet, Alto, Palo, Las Vegas, cybersecurity, Santa Clara , California, U.S
Fortinet — Shares dropped 23.1% after the cybersecurity company missed earnings expectations and gave a weak outlook for the current quarter. Fortinet posted $1.33 billion in revenue for the third quarter and said to expect between $1.38 billion and $1.44 billion in the current quarter. Both underwhelmed analysts polled by LSEG, who anticipated $1.35 billion in revenue for the third quarter and a current-period estimate of $1.5 billion. Revenue for the third quarter came in at $285.9 million, above the $275 million forecast from analysts polled by FactSet. Meanwhile, the company saw adjusted EBITDA at $6.1 million, while analysts had anticipated a loss of $0.6 million.
Persons: Fortinet, LSEG, Block, Bill Holdings, Bill, Expedia, Nation's, Taylor Swift, FactSet, Carvana, , Wall, Uber, Jesse Pound, Yun Li, Michelle Fox Organizations: Apple —, Paramount, LSEG, Holdings, Revenue, FactSet, & $
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 3 (Reuters) - Fortinet (FTNT.O) sank nearly 18% and sparked a selloff in cybersecurity stocks with a dismal forecast that compounded fears of slowing client spending in an uncertain economy. The current losses, if they hold, were set to wipe out nearly $8 billion from the company's market value. Fortinet cut its annual revenue target on Thursday and said it expects current-quarter sales between $1.38 billion and $1.44 billion, below estimates of $1.50 billion, LSEG data showed. Overall, eight brokerages downgraded the company and at least 18 analysts cut their price targets, pushing the median to $59, LSEG data showed. Fortinet shares have risen nearly 18% this year.
Persons: Dado Ruvic, Raymond James, Keith Jensen, Samrhitha, Sriraj Kalluvila Organizations: REUTERS, Competition, Palo, Thomson Locations: Palo Alto, Fortinet, Bengaluru
Here are Friday biggest calls on Wall Street: Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by Apple shares after its earnings report on Thursday. Berenberg downgrades Estee Lauder to hold from buy Berenberg downgraded the stock after its disappointing earnings report earlier this week. Morgan Stanley reiterates Carvana as underweight Morgan Stanley said it's sticking with its underweight rating on the stock after its earnings report on Thursday. " Evercore ISI downgrades Fortinet to in line from outperform Evercore downgraded the cybersecurity company after its earnings report. JPMorgan reiterates Starbucks as overweight JPMorgan said the coffee giant is "still one to buy" after its earnings report on Thursday. "
Persons: Morgan Stanley, Apple, it's, downgrades Estee Lauder, Estée Lauder, Piper Sandler, Piper, OMCL, Key, Wolfe, Mizuho, C27E, JPMorgan downgrades, Papa John's, PZZA, Raymond James, Carvana, CVNA, Redburn, JPMorgan, SBUX, Guggenheim, GNRC Organizations: Apple, DOJ, Uber, Deutsche Bank, Molson Coors, Deutsche, HSBC, Moderna, Nvidia, Mizuho, JPMorgan, JPMorgan downgrades Fox, FOX, Barclays, Retail, Evercore, billings, Guggenheim, Citi, Cedar, Flags, ~$
Insulet — Shares added nearly 10% after beating both earnings and revenue estimates in the third quarter. Revenue came in at $432.7 million, while analysts polled by FactSet anticipated revenue of $414.3 million. Expedia — Stock in the travel booking company surged 9% after beating both revenue and earnings estimates in the third quarter. Paramount Global — The media conglomerate stock ticked up nearly 6% following a third-quarter earnings beat . Floor & Decor Holdings — The flooring retailer slipped more than 15% after missing third-quarter revenue forecasts.
Persons: FactSet, Apple, Expedia, LSEG, Block, Fortinet, Carvana, DraftKings, Darla Mercado, Scott Schnipper Organizations: LSEG, Revenue, Apple, Paramount Global, Paramount, Holdings, FactSet
The top 10 things to watch in the stock market Thursday
  + stars: | 2023-10-19 | by ( Jeff Marks | ) www.cnbc.com   time to read: +3 min
As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jerome Powell's, Goldman, Morgan Stanley's Adam Jonas, we've, Morgan Stanley, Crag Jelinek, Ron Vachris, Oppenheimer, Says, downgrades, Jim Cramer's, Jim Cramer, Jim, Mike Blake Organizations: Treasury, Netflix, Vegas, Wynn Resorts, WYNN, Disney, Entertainment, Sports, ESPN, Bloomberg, Devon Energy, Costco, Jefferies, Deutsche Bank, Starbucks, Jim Cramer's Charitable, CNBC, Reuters Locations: Macao, Singapore, Los Angeles , California
The idea behind the Ryder Cup task force that was formed after the 2014 matches was to build some continuity among the U.S. teams. He had been an assistant four times in the Presidents Cup and Ryder Cup. The key is to see whom Furyk, the 2018 Ryder Cup captain and now the Presidents Cup captain for 2024 in Montreal, selects as his assistants for next year. Former PGA champion David Toms was overlooked as a Ryder Cup captain, just like another PGA champion, Larry Nelson, was before him. DIVOTSRickie Fowler is one of four Americans to have been on a losing Ryder Cup team in Europe at least four times.
Persons: GUIDONIA MONTECELIO, Luke Donald, Bernard Gallacher, Tiger Woods, Phil Mickelson, LIV, Woods, Ben Hogan, Johnson, Jordan Spieth, Justin Thomas, John Lindert, Don Rea, Seth Waugh, Steve Stricker, Davis Love, Fred Couples, Jim Furyk, Stewart Cink, Marco Simone, Matt Kuchar, David Duval, David Toms, Larry Nelson, Toms, he's, Max Homa, Brooks Koepka, ” Jordan Spieth, , ” Spieth, Si Woo Kim, Kim, Yubin Jang, Wooyoung Cho, “ I've, Danny Oh, Rory McIlroy, McIlroy, Jon Rahm, Collin Morikawa, Xander Schauffele, Arthur Blank, Steve Cohen, DIVOTS Rickie Fowler, Danny Willett, , LIV Golf, Louis Oosthuizen, Ludvig Aberg, Swede, , ___ Organizations: — Team, Bethpage, Bethpage Black, U.S, Ryder, PGA, FedEx, BMW PGA, South Korea, Asian Games, South, Games, Asian, Sports, SoFi Technologies, ESPN, Atlanta Falcons, New York Mets, SoFi, Ryder Cup, Dunhill, Sanderson, Texas Tech, PGA Tour University, Indiana, Italian Golf Federation Locations: Italy, Saudi, Adare Manor, Ireland, U.S, Montreal, Paris, Europe, England, France, Wentworth, South, China, Thailand, South Florida, Los Angeles, Atlanta , New York, Boston, Saudi Arabia, Mississippi
GUIDONIA MONTECELIO, Italy (AP) — Justin Thomas is too occupied with helping the Americans end three decades of losing the Ryder Cup on European soil to worry about any criticism of him being part of that effort. Thomas has been an emotional spark in his two Ryder Cup appearances, along with a 6-2-1 record in France and Wisconsin. He referred to Thomas as the backbone for this Ryder Cup team, even though Spieth has twice as many (four) appearances. He's been the best Ryder Cup player probably in the last decade. I was on two of them, but I felt like I played good golf.
Persons: GUIDONIA MONTECELIO, — Justin Thomas, Zach Johnson, Thomas, , haven't, , else's, Zach, it's, Jon Rahm, Rory McIlroy, Viktor Hovland, LIV, Marco Simone, Hovland, Ludvig Aberg, Justin Rose, Matt Fitzpatrick, Luke Donald, Patrick Cantlay, Xander Schauffele, Jordan Spieth, Spieth, ” Spieth, “ I've, Tommy Fleetwood, ” Cantlay, He's, Ryder, ” Thomas Organizations: Ryder, PGA, Europe, FedEx, Ryder Cup, Hovland, U.S, U.S . Locations: Italy, France, Wisconsin, Whistling, Scandinavia, Sweden, U.S, Whistling Straits
High-profile investors Jeff Smith and Alex Sacerdote hit home runs after Cisco 's buyout of cybersecurity software company Splunk sent shares surging. The move marked a big win for the two hedge fund investors with big stakes in Splunk. Splunk was Smith's Starboard Value's third-biggest holding at the end of June, with a bet worth more than $430 million. The stock, Whale Rock's fifth-biggest stock bet as of the end of June, has soared more than 66% this year. Sacerdote also had a big bet on another cybersecurity company like Splunk, Fortinet .
Persons: Jeff Smith, Alex Sacerdote, Splunk, Smith, Sacerdote, Fortinet Organizations: Cisco, Rock Capital Management, Acacia Research, Big Tech, Microsoft, Meta, Nvidia, Netflix, Guggenheim Locations: Splunk, Wix.com
NAPA, Calif. (AP) — Sahith Theegala talked all week about the importance of having nearly three dozen family members and friends following him at the Fortinet Championship. It’s a team win,” Theegala said, his mom and dad by his side on the 18th green. Theegala, a son of Indian immigrants who played in college at Pepperdine, made the Tour Championship as a rookie last year. Before his breakthrough in Napa, Theegala had close calls at Phoenix, Hartford and Sea Island, endearing himself to fans. Theegala dropped a shot on the par-4 sixth hole after hitting his tee shot way right into a fairway bunker on No.
Persons: Theegala, ” Theegala, It’s, it’s, Kim, Cam Davis, Justin Thomas, Max Homa, Thomas ’, I’ll, They’ve, I’ve, steadied, “ That’s, , , ” Kim, Thomas, Zach Johnson's, ___ Organizations: Silverado, PGA, Ryder, Pepperdine, BMW Championship, Phoenix Locations: NAPA, Calif, California, It’s, Rome, East Lake, Napa, Hartford
NAPA, Calif. (AP) — Justin Thomas continued up the leaderboard Saturday at the Fortinet Championship with a 7-under 65 that matched the best score of the day and moved the former No. Kim had shared the lead with Theegala heading into the third round at Silverado Resort, but had to scramble after consecutive bogeys on the back nine. “I really stayed patient at the start of the round,” Theegala said. Kuchar drew the most attention following his best round of the tournament. Kuchar had his best day of the tournament off the tee, hitting eight of 14 fairways which led to him getting to the greens for easier putts.
Persons: — Justin Thomas, Sahith Theegala, Cam Davis birdied, Thomas, S.H, Kim, Matt Kuchar, Eric Cole, , ” Thomas, I’ve, Theegala, Kuchar, birdies, ” Theegala, Max Homa, ” Kuchar Organizations: Silverado, U.S, Ryder, FedEx Locations: NAPA, Calif
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFortinet, Verizon and more: CNBC's 'Halftime Report' traders answer your questionsCNBC's Halftime traders Joe Terranova of Virtus Investment Partners, Jim Lebenthal of Cerity Partners and Jenny Harrington of Gilman Hill Asset Management answer investment-related questions from CNBC Pro subscribers. Look out for an email where you can submit your questions directly to the Halftime team.
Persons: Joe Terranova, Jim Lebenthal, Jenny Harrington Organizations: Verizon, Virtus Investment Partners, Cerity Partners, Management, CNBC Pro
Calif. (AP) — Justin Thomas committed to a driver change, tinkered a little with his swing and got immediate results with a 5-under 67 that left him four strokes off the pace Friday in the Fortinet Championship. One of four U.S. Ryder Cup team members at Silverado Resort, Thomas feels much better about his game than he did a short time ago. Two-time defending champion Max Homa, also on the Ryder Cup team, had a 66 to match Thomas at 8 under. U.S. captain Zach Ryder (74) and co-captain Stewart Cink (72) were tied at 1-under 143 and missed the cut in the final tune-up to the Ryder Cup in two weeks. “If I drive it like I did today, I’ll use it for the rest of my career,” Thomas joked.
Persons: — Justin Thomas, Thomas, Kim, Sahith Theegala, Sangmoon Bae, Eric Cole, Max Homa, Zach Ryder, Stewart Cink, he’s, ” Thomas, we’re, , ” Theegala, That’s, Theegala, Organizations: FedEx, Ryder, Silverado, Ryder Cup, U.S, birdies Locations: NAPA, Calif, Napa ., Napa, year’s
He was tied for 20th, chasing Lucas Herbert, the leader after a 6-under 63. Herbert had 10 birdies — seven over his final nine holes — to overcome an early bogey. 59 in the world, needed a big spark after entering the FedEx Fall 152nd in points. The 63 wass two shots shy of the tournament course record of 61 shared by seven players, most recently Ricky Barnes in 2018. “Just one bad swing that led to a double and then a bad wedge shot that was quite frustrating,” Homa said.
Persons: — Justin Thomas scuffled, Thomas, Lucas Herbert, , , Herbert, Kim, Kelly Kraft, Jason Dufner, Harry Hall, Sung Kang, Zac Blair, Mark Hubbard, Max Homa, Zach Johnson, Stewart Cink, ” Herbert, Herbert parred, Ricky Barnes, Barnes, Homa, Steve Stricker, ” Homa Organizations: Ryder, Wyndham, FedEx, John Deere Locations: NAPA, Calif, Greensboro , North Carolina, wasn’t, Northern, America, Australia, Maine
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