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Palo Alto Networks faces a significant drop in stock value after issuing poor guidance figures, leading to a plunge of over 20%. This decline affects other cybersecurity stocks like CrowdStrike, Zscaler, and Fortinet. Analysts downgrade Palo Alto Networks due to concerns about billings and market impact.
Cybersecurity stocks had a bit of a tumble yesterday following poor guidance from Palo Alto Network's earnings. Companies like $CRWD $FTNT $S $ZS and $PANW all traded down on the day. https://t.co/XGZFSzGuB1
*PALO ALTO NETWORKS DROPS BY 28% FOR WORST DAY ON RECORD
$PANW stock slides by the most ever after the company cut its full-year guidance: "We think it's appropriate to move to the sidelines and look towards other names for cyber exposure," Piper Sandler's Rob Owens says. https://t.co/VXYF5MHU8X