Diamonds and Dogs
Palo Alto Networks (PANW) higher on earnings. The security software stock is up 11% to a six month as earnings easily beat and revenues rose 25.7% to $1.66 billion. The company also raised guidance as they continue to see strong demand for network security. Companies want to cut costs, but not on network or security software.
Intel (INTC) drops 2% following a big dividend cut. The chip giant is down 2% not far from a 52 week low after cutting their dividend 66%. Weaker than expected earnings and guidance back in January has manifested itself in a dramatic dividend cut to preserve cash following economic uncertainty. The dividend yield has dropped from 5.6% to 2% . Not good for income shareholders.
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