{"id":50079,"date":"2023-08-18T10:53:25","date_gmt":"2023-08-18T14:53:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/this-ai-stock-darling-crashed-nearly-20-just-because-its-reporting-earnings-on-a-friday-afternoon\/"},"modified":"2023-08-18T10:53:28","modified_gmt":"2023-08-18T14:53:28","slug":"this-ai-stock-darling-crashed-nearly-20-just-because-its-reporting-earnings-on-a-friday-afternoon","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=50079","title":{"rendered":"This AI Stock Darling Crashed Nearly 20% Just Because It\u2019s Reporting Earnings On A Friday Afternoon"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Cybersecurity firm Palo Alto Networks earned the ire of analysts in recent weeks over its decision to report earnings after market close Friday, fueling a sizable selloff amid speculation about the cause for the strange timing.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Since Palo Alto announced August 2 when it would disclose quarterly results, its stock is down 19%, down 2% to a 2.5-month low of $204 early Friday.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Far deeper than the tech-heavy Nasdaq\u2019s 8% loss over the period, Palo Alto\u2019s slide wiped out $15 billion in market capitalization.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>What was behind the historically rare choice to report earnings late on a summer Friday is up for debate, but most analysts agree it was bizarre.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Deutsche Bank\u2019s Brad Zelnick described the event as \u201cunusual,\u201d Rosenblatt\u2019s Catharine Trebnick characterized it as \u201codd\u201d and Wedbush\u2019s Dan Ives declared the decision is among the \u201cbiggest PR disasters and black eyes\u201d he\u2019s witnessed while covering tech this millennium.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>Zelnick surmised earlier the upcoming earnings call, which will stretch from 4:30 p.m. to 6:30 p.m. ET, \u201ccould very well\u201d include an announcement that Palo Alto will exit the hardware business which accounted for 22% of its $1.7 billion in sales last quarter.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>But in an emailed statement to <em>Forbes<\/em>, Palo Alto spokesperson Nicole Hockin said the admittedly \u201catypical\u201d timing simply \u201ccame down to our own schedule and logistics challenges with a lot of information to share,\u201d pointing to a busy schedule for Palo Alto management this month and a desire to give analysts \u201ctime to consume the data.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Contra<\/h2>\n<p>Despite the malaise, analyst sentiment toward the artificial intelligence-exposed stock remains strong. The average price target for Palo Alto is $257, according to 42 analyst ratings tracked by FactSet, implying roughly 25% upside. Palo Alto shares are still up 48% year-to-date, placing it among the 20 best-performers on the S&amp;P 500.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Crucial Quote<\/h2>\n<p>Wall Street\u2019s \u201cfearing the worst and hoping for the best into this Friday night Twilight Zone conference call\u2026that has become the soap opera of the cybersecurity industry and tech investor community over the last few weeks,\u201d Ives wrote to clients. Still, Wedbush\u2019s $290 price target for Palo Alto remains among the most bullish calls of any firm covering the Silicon Valley company.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Surprising Fact<\/h2>\n<p>This will be the first earnings report from an S&amp;P constituent released on a Friday afternoon since December 2020, according to MarketWatch. Palo Alto last reported earnings on a Friday afternoon in 2018, Trebnick noted.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/08\/18\/this-ai-stock-darling-crashed-nearly-20-just-because-its-reporting-earnings-on-a-friday-afternoon\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Cybersecurity firm Palo Alto Networks earned the ire of analysts in recent weeks over its decision to report earnings after market close Friday, fueling a sizable selloff amid speculation about the cause for the strange timing. Key Facts Since Palo Alto announced August 2 when it would disclose quarterly results, its stock is down [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":50080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-50079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>This AI Stock Darling Crashed Nearly 20% Just Because It\u2019s Reporting Earnings On A Friday Afternoon | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Cybersecurity firm Palo Alto Networks earned the ire of analysts in recent weeks over its decision to report earnings after market close Friday,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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