Stocks were rather flat today, July 3rd 2023, as investors took it easy before Independence Day tomorrow.
The S&P 500 ended the holiday shortened session up 0.1% points to 4456. The NASDAQ was up 0.2% to 13,817.
Tesla (TSLA) was the big winner on the day as the electic car company delivered 466 thousand cars last quarter, and beat estimates of 446 thousand. Shares closed up 7% to end the day at $280.
Tweet of the Day
The second @mwebster1971 clip from #IBDLive is now out! I love how Webby breaks down each of the the four factors he considers when determining position size. Take a look!https://t.co/zVkvOFk4ej
— Alissa Coram (@AlissaCoram) July 3, 2023
Chart of the Day
Our chart of the day is this one-year beauty of Palo Alto Networks (PANW).
Palo Alto Networks is proving companies prioritize cybersecurity, as big $10 million-plus deals jumped 136% last quarter. Included in those deals was a Japanese tech company, a US global beverage company ($30 million), and a European tech company ($30 million).
Profits soared 83% last quarter and beat estimates of 55%.
PANW delivered an excellent earnings report despite a harsh macro environment with management attributing their performance to their rigorous execution and heightened deal scrutiny. Still, management said there was no impending recession threats.
Software is also taking a more prominent role amid macro trends of cautious spending. Software now comprises 30% of Palo Alto’s product revenues compared to about 10% three years ago. This trend should benefit Crowdstrike (CRWD) too.
