Palo Alto Climbs, Intuit Sinks as Default Fears Send Stocks Lower
Stock market investors have generally had confidence that Washington politicians would manage to avoid sending the U.S. into default on its debt. Increasingly, though, that confidence seems to have been misplaced, and Stock index futures are lower as a result. The Nasdaq Composite was the worst performer with declines of more than half a percent, adding to losses late Tuesday.
Earnings season reached its peak a couple of weeks ago, but results continue to come out from various corners of the market. In cybersecurity, Palo Alto Networks (NASDAQ: PANW) kept up its upward momentum with a solid financial report. However, Intuit (NASDAQ: INTU) wasn't as fortunate, with tax season having not gone as well as many had hoped for the financial software specialist. Below, you'll see all the details.
Shares of Palo Alto Networks were higher by 6% at the open on Wednesday morning. The cybersecurity specialist's fiscal third-quarter financial results for the period ended April 30 kept showing the resilience of the industry even as some fears have emerged about a slowdown in IT spending.
Source Fool.com
