Palo Alto Networks Issues Weak Outlook, Joins Teladoc Health, SolarEdge Technologies And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session

Author: Avi Kapoor | February 21, 2024 06:09am

U.S. stock futures were lower this morning, with the Dow futures trading lower by around 70 points on Wednesday.

Shares of Palo Alto Networks, Inc. (NASDAQ:PANW) fell sharply in today’s pre-market trading after the company issued third-quarter guidance below estimates.

Palo Alto’s fiscal second-quarter revenue increased 19% year-over-year to $1.98 billion, which beat the consensus estimate of $1.97 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.46 per share, which beat analyst estimates of $1.30 per share.

Palo Alto sees fiscal third-quarter revenue of $1.95 billion to $1.98 billion versus estimates of $2.04 billion. The company expects third-quarter adjusted earnings to be between $1.24 and $1.26 per share versus estimates of $1.29 per share.

Palo Alto Networks shares tumbled 22.1% to $285.06 in pre-market trading.

Here are some big stocks recording losses in today’s pre-market trading session.

Teladoc Health, Inc. (NYSE:TDOC) shares dipped 20.8% to $16.22 in pre-market trading after the company reported mixed fourth-quarter financial results and issued weak guidance.
Community Health Systems, Inc. (NYSE:CYH) fell 18.3% to $3.30 in pre-market trading after the company reported fourth-quarter financial results.
SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares fell 16% to $70.90 in pre-market trading after the company reported mixed fourth-quarter financial results.
Matterport, Inc. (NASDAQ:MTTR) shares declined 12.6% to $2.22 in pre-market trading after the company posted weak quarterly sales and issued downbeat forecast.
Calliditas Therapeutics AB (NASDAQ:CALT) fell 9.3% to $18.98 in pre-market trading following quarterly results.
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) shares fell 9.2% to $294.00 in pre-market trading.
Sprout Social, Inc. (NASDAQ:SPT) fell 9.2% to $58.50 in pre-market trading after the company reported fourth-quarter financial results and issued guidance.
Zscaler, Inc. (NASDAQ:ZS) fell 9.2% to $226.15 in pre-market trading.
HSBC Holdings plc (NYSE:HSBC) fell 7.6% to $37.73 in pre-market trading following fourth-quarter results.
Medifast, Inc. (NYSE:MED) fell 7.3% to $45.36 in pre-market trading after the company issued weak guidance.
Keysight Technologies, Inc. (NYSE:KEYS) declined 6.8% to $144.00 in pre-market trading after the company issued second-quarter EPS and revenue guidance below estimates.