Market Updates
Movers: Broadcom, Earthstone Energy, Permian Resources, Palo Alto Networks, VMware
Scott Peters
21 Aug, 2023
New York City
Palo Alto Networks Inc jumped 14.5% to $242.84 after the cyber security and network infrastructure company reported better-than-expected quarterly results.
Revenue in the fiscal fourth quarter ending in July rose 26% to $2.0 billion and net income increased $227.7 million from $3.3 million and diluted earnings per share jumped to 64 cents from 1 cent a year ago.
The company guided fiscal first quarter revenue in the range between $1.82 billion and $1.85 billion and diluted non-GAAP earnings per share between $11.15 and $1.17.
VMware Inc jumped 4.2% to $161.28 after Broadcom said it got the UK's Competition and Market Authority gave its final approval of the purchase of the cloud computing company.
Broadcom Inc jumped 2.4% to $845.25.
Earthstone Energy Inc soared 13.8% to $18.42 after the company agreed to be acquired by Permian Resources in an all-stock deal that valued the company at $4.5 billion, including the company's debt.
Each share of Earthstone common stock will be exchanged for 1.446 shares of Permian Resources common stock.
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Earnings
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