In Tuesday trading, AmerisourceBergen Corp. (ABC, Financial) lost ground on news reported by CNBC that there will be no merger agreement between the company and Walgreens Boots Alliance Inc. (WBA, Financial). Walgreens' stock was also down on Tuesday.
Shares of Palo Alto Networks Inc. (PANW, Financial) traded higher on the heels of the company reporting its financial results for the second quarter. The company posted adjusted earnings of 86 cents per share. Revenue increased 28.3% year over year to $542.4 million. The company beat earnings estimates by seven cents and revenue expectations by $17.42 million.
"Digital transformation requires security transformation built upon increasing automation, leverage and consistency, the hallmarks of our Next-Generation Security Platform,"Â CEO Mark McLaughlin said. "We continue to harness the power of innovation to introduce new technology and disrupt traditional consumption models as we help customers solve their most complex security challenges and embrace the benefits of the digital age."
Looking ahead to the third quarter, the company expects total revenue between $538 million and $548 million and product revenue in the range of $193 million to $196 million. Further, it expects diluted non-GAAP net income per share in the range of 94 cents to 96 cents.
On the other hand, shares of Fitbit Inc. (FIT, Financial) traded lower after the company reported fourth-quarter earnings. It reported revenue of $571 million, a GAAP net loss of 19 cents per share and a non-GAAP net loss of two cents per share. Fitbit fell two cents short of earnings estimates and $18.09 million short of revenue expectations.
The company now expects revenue to decline about 20% to 15% year over year and to be between $240 million and $255 million. Non-GAAP basic net loss per share will be in the range of -21 cents to -18 cents.
Disclosure: The author holds no positions in any stocks mentioned.
