Palo Alto Networks Inc. scheduling its earnings call on a Friday afternoon — almost unheard of on Wall Street — whiplashed investors who had seen it as a red flag and dumped the stock, only to pile back in for one of the company’s most active sessions ever.
More than 20 million shares were exchanged Monday as Palo Alto rose as much as 17%, the most since August 2021, helping it erase the 17% slide that followed the Aug. 2 announcement of the highly unusual late Friday call. That was the second-most active post-earnings trading session, and the seventh highest overall since it went public in 2012.
Having taken heat for the timing — one analyst called it “one of the biggest PR disasters” in decades — Chief Executive Officer Nikesh Arora opened the earnings call by saying sorry. Analysts aren’t holding the timing snafu against Palo Alto. Of the 45 covering the stock, 39 still recommend buying, while none advise selling.
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