Why Okta's Shares Dropped 7.5% on Wednesday
Shares of online identity company Okta (NASDAQ: OKTA) dropped as much as 7.5% ahead of the company's earnings report. Shares are down 7.3% at 2:20 p.m. EST and are bouncing near the lows of the day.
It's a little strange that Okta's shares are down this much ahead of earnings. Growth-oriented tech stocks have taken it on the chin in general today, so that could be part of the move. Sometimes a "whisper number" hits Wall Street, where someone gets word of whether or not a stock will hit earnings estimates ahead of earnings.
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Source Fool.com
