May 06, 2024 (MENAFN via COMTEX) --
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Monday's Bearish Stocks: Expedia, Fortinet, Paramount, and Cloudflare
Travel website firm Expedia (EXPE) lost 15% last Friday after it cut its guidance. CEO Peter Kern said that Vrbo is dragging results, forcing the firm to lower its full-year top-line growth in the mid to high single-digit percentage.
In the cybersecurity sector, watch Fortinet (FTNT). It might continue its downtrend after falling by 9.69% last Friday. It closed at $58.88 after posting revenue growth of 7% Y/Y to $1.35 billion. In Q2, revenue will top up to $1.435 billion. The firm raised its full-year EPS guidance to $1.73 - $1.79. FTNT stock looks over-sold but valuations remain stretched at a forward P/E of 38 times.
In the media sector, the on-again, and off-again bids for Paramount Global (PARA) are creating wild price swings. On late Friday afternoon, markets doubted that Sony (SONY) and Apollo (APO) would win their bid to buy the firm. The Skydance deal is also questionable.
Cloudflare (NET), which supplies content delivery on the cloud, posted revenue rising by 30.5% Y/Y to $378.6 million. Although it reported a 14-cent non-GAAP EPS, it lost $35.54 million on a GAAP measure. Stock-based compensation topped $69.7 million in the quarter. Investors lost patience holding tech firms that lose money. After losing 16.38% on May 3, 2024, expect the sell-off to continue.
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COMTEX_451985780/2604/2024-05-06T21:06:20
