Diamonds and Dogs
Cybersecurity is on fire. Palo Alto Networks (PANW) jumped 10% to new recent highs following better than expected earnings. The company beat earnings by 13 cents as revenues rose 27% year over year to $509 million. Deferred revenue grew 43 percent year over year to $1.8 billion. Management stated they were pleased with the quarter recording the highest number of new customer additions in a single quarter. A number of upgrades followed with price targets of $159, $160, and $164 a share.
Cheaper drones hurting Ambarella (AMBA). The video processing chip company dropped 21% to a new 52 week low following earnings. Ambarella beat on earnings and revenue as sales rose 10%, but Ambarella reduced full-year fiscal 2018 revenue. The company now expects revenue to decline 3% to 7% next year due to the introduction of new lower-priced drones and slower-than-anticipated sales into the virtual reality market.
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