Why Cloudflare and Palo Alto Networks Shares Got Crushed Today

Everyone gets scared when an 800-pound gorilla barges into the room. Investor fear was palpable on Wednesday, expressed in the notable sell-offs of cybersecurity titles Cloudflare (NYSE: NET) and Palo Alto Networks (NASDAQ: PANW).

The former's share price closed the day almost 6% lower, while the latter's slid by slightly over 7%. To put that into context, stocks generally had a good trading day, with the benchmark S 500 index rising by 0.7%.

That very intimidating animal making a sudden entrance was tech giant Microsoft (NASDAQ: MSFT). The company announced the launch of two new cybersecurity products, Entra Internet Access and Entra Private Access.

Source Fool.com