Biggest stock movers today: PANW, FN, and more
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Contributor since / Followers
Contributor since / Followers
3 months ago
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Stock futures were trading slightly higher on Tuesday morning amid rate-cut optimism, as the investors keenly await the release of the Federal Reserve’s latest meeting minutes on Wednesday and Chair Jerome Powell’s Jackson Hole speech on Friday for further monetary policy clues.
Here are some of Tuesday’s biggest stock movers:
Biggest stock gainers
- Palo Alto Networks (NASDAQ:PANW) shares rose nearly 3% after the cybersecurity firm reported stronger-than-expected FQ4 earnings, with a 13% Y/Y increase in revenue. The company also delivered an optimistic outlook, forecasting FQ1 revenue between $2.10B and $2.13B with a midpoint of $2.115B, surpassing the consensus estimate of $2.10B, and adjusted EPS is expected to range between $1.47 and $1.49 with a midpoint of $1.48, beating the consensus of $1.42. For FY2025, Palo Alto Networks anticipates revenue between $9.10B and $9.15B, with a midpoint of $9.125B compared to the $9.11B consensus, and adjusted EPS ranging from $6.18 to $6.31, with a midpoint of $6.245, above the $6.19 consensus.
- Fabrinet (NYSE:FN) stock soared 9% after the company delivered a strong FQ4 performance and offered optimistic guidance. The company projected FQ1 revenue between $760M and $780M (midpoint $770M), exceeding analyst expectations of $751.91M. Additionally, adjusted EPS is anticipated to range from $2.33 to $2.40 (midpoint $2.365), surpassing the consensus estimate of $2.26. CEO Seamus Grady expressed, “We remain optimistic about our future, with numerous drivers that position us to extend our track record of success into FY2025.”
- Hawaiian Holdings (NASDAQ:HA) shares jumped 10% after Alaska Air (ALK) announced that the Department of Justice’s review period for their proposed $1.9B merger had expired. This represents a major milestone for the deal, though it still awaits approval from the Department of Transportation. The DOJ and the companies had already extended the review period three times beyond the original August 5 deadline.
Biggest stock losers
- Kymera Therapeutics (NASDAQ:KYMR) stock declined by approximately 6% after announcing plans to raise $225M through a public offering of shares and pre-funded warrants. The offering price is set at $40.75 per share and $40.7499 per pre-funded warrant, respectively. The company intends to use the proceeds to advance its pipeline of drug candidates, potentially through acquisitions or investments, and for general corporate purposes. The offering is scheduled to close on August 21, 2024.