Market Updates
U.S. Movers: Alaska Air, Hawaiian Holdings, Lowe's, Palo Alto Networks, Paramount Global
Scott Peters
20 Aug, 2024
New York City
Palo Alto Networks soared 1.9% to $350.0, and the cyber security company reported better-than-expected quarterly results and raised its stock repurchase size by $500 million.
The company guided fiscal first quarter earnings per share between $1.47 and $1.49 and revenue between $2.1 billion and $2.13 billion.
Lowe's Companies declined 1.1% to $240.50, and the home improvement retailer reported mixed quarterly results.
In the fiscal second quarter, the specialty retailer earned $4.10 a share, beating the estimate of as low as $3.99, and revenue was $23.59 billion, slightly lower than the estimate of $23.85 billion.
The company also lowered its annual outlook, citing softening demand growth after three years of strong growth.
Paramount Global Class A decreased 1.6% to $22.90 after reports that Edgar Bronfman Jr. proposed to acquire National Amusement, which owns a controlling stake in the media company.
The new proposal comes a month after Paramount and Skydance Media and their group of investors agreed to buy the company.
Hawaiian Holdings soared 11.5% to $17.70 and Alaska Air Group gained 1.4% to $35.55 after the U.S. Justice Department approved the $1.9 billion merger of two airlines.
The two companies are now seeking merger approval from the U.S. Transportation Department.
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