EarningsBeats.com Digest for August 25, 2021
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Trading Places Live: Cancelled
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A Great Report and a Great Earnings Reaction
We're all about great earnings reports and rather astute at deciphering which quarterly reports Wall Street truly loves. Well, let's add Palo Alto Networks (PANW) to this list, because they hit it out of the park. They beat revenue estimates, EPS estimates, raised revenue guidance, and then upped their share repurchase program. I'm not sure it gets much better than that. Except that it did. PANW had been sideways consolidating for
awhile, but that's no longer a problem:
It's impossible to misinterpret the kind of volume that accompanied PANW's price surge. PANW had been consolidating, awaiting a catalyst. That catalyst came in the form or a blowout earnings report. Tuesday's opening price of 423.65 becomes major support during any future selling. Telecom equipment stocks ($DJUSCT) have broken out vs. the S&P 500 and now PANW is one of its primary leaders. I expect to see a continuing and
prolonged advance in the weeks and months to come.
If you're interested, I recorded my latest "Your Daily 5" recording at StockCharts.com. This month I featured 5 industry groups that LOVE the month of September. You can CLICK HERE to view this video, which is only 10 minutes in length.
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Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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