Why CrowdStrike, Palo Alto Networks, and Zscaler Were Volatile Today
Shares of cybersecurity companies CrowdStrike (NASDAQ: CRWD), Palo Alto Networks (NASDAQ: PANW), and Zscaler (NASDAQ: ZS) were volatile today as investors continued to process the news about slowing job growth, comments about the cybersecurity industry made by a handful of analysts, and rising fears of a potential recession.
The mix of news caused these stocks to fall initially today, with some regaining ground later in the trading day. Each stock had fallen by more than 2% by midmorning, but by 12:35 p.m. CrowdStrike was up by 0.2%, Palo Alto Networks was down by 0.9%, and Zscaler was up by 1.6%.
There are several reasons for the erratic share price moves today, including probably the most important bit of news: the latest jobs data. Yesterday, ADP issued its latest jobs report, which showed that private-sector jobs increased by just 145,000 in March, down from 261,000 jobs in February and far below the estimate of 210,000 for the month.
Source Fool.com
