NEWS
The Bulls’ Win Streak Ends At 8 Days

Stock market bears stopped the bulls from extending their win streak to a historic nine days, with bonds and the yen catching a bid instead. While many traders and investors are at the beach for the last two weeks of summer, others are trying to squeeze out additional gains. Let’s see what you missed. 👀

Today's issue covers Palo Alto Networks pushing towards new highs, PayPal's latest partnership, SiriusXM scooping a major podcast from Spotify, and Lowe’s leaving a lot to be desired. 📰

Here’s the S&P 500 heatmap. 3 of 11 sectors closed green, with consumer staples (+0.50%) leading and energy (-2.64%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $KEYS, $STI, $ALLG, $TLS, $GTI 📉 $LZB, $DADA, $TPST, $CURV, $TOL*

*If you’re a business and want to access this data via our API, email us.

EARNINGS
Palo Alto Networks Pushes Toward All-Time Highs 🛡️

Cybersecurity stock Palo Alto Networks surged 7% after earnings, with Stocktwits sentiment surging to a one-year high in ‘extremely bullish’ territory as shares sit just below all-time highs. 🐂

The company reported adjusted earnings per share of $1.51 on revenues of $2.19 billion, topping analyst expectations of $1.41 and $2.16 billion.

Management’s controversial “platformization” strategy, which aims to get customers to adopt more of its offerings, is showing significant momentum. Investors initially worried that the company giving away free or discounted products would not pay off as well as management expected over the long term. 📈

Regarding the strategy, CEO Nikesh Arora said, “All I want to say is, I wish we had started down that path sooner. The amount of interest and activity around it has certainly been heartening and shows promise.”

Management alluded to CrowdStrike’s recent debacle being a potential tailwind for Palo Alto and the rest of the industry, saying it has companies “digging deeper into the technologies being deployed to mitigate these risks.”

The company raised its current quarter and full-year outlook slightly, doubling its buyback program to $1 billion in the process. The stock’s momentum is expected to keep cyber stocks in focus for the weeks ahead. 👍