Biggest stock movers today: Palo Alto Networks, Teladoc Health, and more (NASDAQ:PANW)

Stock futures inched lower in the premarket hours of Wednesday as investors awaited the earnings report from semiconductor giant NVIDIA (NVDA).

Here are some of Wednesday’s biggest stock movers:

Biggest stock losers

• Following mixed Q4 results, SolarEdge’s (NASDAQ:SEDG) shares declined by approximately 15%. The company anticipates further sales declines, projecting Q1 revenues to range between $175M and $215M, significantly lower than the analyst consensus estimate of $373M. SolarEdge also expects a gross margin between negative 3% and positive 1%.
• Despite beating expectations in FQ2, shares of Palo Alto Networks (NASDAQ:PANW) plummeted by over 22% following the cybersecurity company’s decision to revise down its full-year revenue and billings guidance due to softness in the cybersecurity market. Palo Alto Networks now anticipates billings for FY2025 to be in the range of $10.1B to $10.2B, a decrease from the previous range of $10.7B to $10.8B. The company also adjusted its sales forecast for the year, expecting revenue to fall between $7.95B and $8B, down from the prior projection of $8.15B to $8.2B. Full-year adjusted earnings are estimated to be between $5.45 and $5.55 per share, with the mid-point falling below the estimated $5.52 per share. For the third quarter, revenue is projected to be between $1.95B and $1.98B, below the $2.04B estimate, with billings expected to range from $2.3B to $2.35B, below the $2.63B estimate.
• Teladoc Health (NYSE:TDOC) shares fell over 20% following mixed Q4 results and disappointing guidance. For 1Q24, telehealth and telemedicine services provider expects revenue of $630M to $645M, below the consensus estimate of $672.95M. FY2024 revenue is projected at $2.635B to $2.735B, compared to an expected $2.77B. The company also foresees low- to mid-single-digit annual consolidated revenue growth over three years, 50 to 100 basis points of annual margin expansion, and at least $425M of adjusted EBITDA for full year 2025. Additionally, TDOC expects approximately $11M in pre-tax restructuring charges in Q1, primarily related to employee transition and other costs.