The U.S. stock market traded up on Monday driven by solid gains in the tech and consumer sectors.
Shares of Palo Alto Networks Inc. (PANW, Financial) fell after the company posted third-quarter earnings per share of 99 cents on revenue of $567.1 million, which was 31.3% higher than the comparable period. The company beat revenue expectations by $21.42 million and earnings projections by 3 cents.
"We drove market-leading top-line results through robust new customer acquisition and lifetime value expansion in the third quarter," said Kathy Bonanno, chief financial officer of Palo Alto Networks. "We also delivered continued leverage in our operating model and generated strong cash flow, ending the quarter with cash, cash equivalents and investments of $2.2 billion."
Looking ahead, the company expects for the fiscal fourth quarter 2018 total revenue between $625 and $635 million, representing year-over-year growth between 23% and 25%. Product revenue in the range of $246 to $249 million, representing year-over-year growth around 16% and 17%. Diluted non-GAAP net income per share between $1.15 and $1.17.
Gainers
• Under Armour Inc. (UA, Financial)
• Target Corp. (TGT, Financial)
• Ulta Beauty Inc. (ULTA, Financial)
• International Paper Co. (IP, Financial)
Losers
• Wynn Resorts Ltd. (WYNN, Financial)”‹
• Bristol-Myers Squibb Co. (BMY, Financial)
• Cimarex Energy Co. (XEC, Financial)
Global markets
The main European stock markets traded in the green. The U.K.'s FTSE gained 0.51%, Germany's Dax advanced 0.37%, Spain's Ibex jumped 1.22% and France's CAC rose 0.14%.
In Asia, markets closed in the green. Japan's Nikkei closed up 1.37%, China´s Shanghai advanced 0.52%, Hong Kong's Hang Seng gained 1.66% but India’s BSE Sensex slid 0.61%.
Disclosure: The author holds no position in any stocks mentioned.
