CNBC Investing Club Upgrades Palo Alto Networks Amid Share Decline Despite Strong Earnings
The CNBC Investing Club with Jim Cramer upgraded its rating for Palo Alto Networks to a hold-equivalent level from sell-into-strength, despite the stock falling more than 10% on Wednesday. The downgrade came after strong earnings and positive AI growth outlooks were not enough to prevent profit-taking pressure. Despite this decline, Palo Alto remains up over 75% year-to-date. The market saw mixed movements with the S&P 500 rising modestly while bonds stabilized following a spike in Treasury yields. Dell shares surged nearly 14%, driven by strong AI server demand and positive earnings results that also benefited partner Nvidia, which rose more than 3%. Meanwhile, GE Vernova erased early losses after reports of potential involvement in rebuilding Venezuela's energy infrastructure. Broadcom is set to report earnings post-market close with expectations for management to raise revenue forecasts. Other companies reporting include Snowflake, Hewlett Packard Enterprise, and NetApp.
Tickers: $DELL $GEV $NVDA $PANW
Topics: AI servers Dell earnings impact Nvidia Palo Alto Networks