Tech Stocks on the Move Today: Palo Alto Networks, Trump Media, and More

The S&P 500 Information Technology Sector index hit a 52-week high and was up 0.2% at 1:15 p.m. ET, while the broader S&P 500 and the tech-heavy Nasdaq were flat.

Palo Alto Networks (PANW) shares shares fell after the network security firm issued a lackluster current-quarter and full-year outlook. Keysight Technologies (KEYS) shares sank when the maker of electronic measuring devices also pointed to a pullback in industry spending. Trump Media & Technology Group (DJT) shares declined as the parent of Donald Trump’s Truth Social social media site posted big losses with little revenue. 

Palo Alto Networks Falls on Tepid Outlook Amid Cautious Enterprise Spending

Palo Alto Networks declined almost 3% as the network security firm’s lackluster current-quarter and full-year outlook did not impress investors. In addition, the muted guidance has raised concerns about its recent move to a consolidated cybersecurity platform aimed at driving growth among cautious enterprise customers.

Keysight Technologies Says Customer Spending Remains ‘Constrained’

Keysight Technologies shares dipped 9% as the electronic equipment manufacturer’s second-quarter revenue dropped more than 12%, and its current-quarter adjusted profit outlook of $1.30 to $1.36 per share missed estimates. The company explained that “customer spending remained constrained.” 

Trump Media Reports $327.6M Q1 Loss

Trump Media & Technology Group shares fell 9.5% after the Truth Social operator posted a $327.6 million first-quarter loss, with revenue of just $770,500. The company had a $12.1 million operating loss, which it explained was impacted by a $6.3 million one-time payment related to the closing of its merger with special purpose acquisition (SPAC) Digital World Acquisition Corp. Trump Media added that it “believes it has sufficient working capital to fund operations for the foreseeable future.”