Market Overview

Palo Alto's Stock Gets A Boost From WannaCry Attack


Palo Alto Networks Inc (NYSE: PANW) shares are trading higher by $4.21 (3.8 percent) at $120.67 in Monday's session.

The issue, as well as other cybersecurity stocks, has seen a big boost amid the "WannaCry" ransomware virus that started in Europe.

After a higher open, Palo Alto's stock had brief retreat to $119.20 before continuing its moves higher. The ensuing rally has taken the stock to $122.08, which surpasses its March 1 high of $120.99.

That level is of significance since it represents the high on the day the issue was decimated after its disappointing Q2 report. On that day, the stock fell from its February 28 close ($151.90) to $115.21 the following day.

At this time, it has backed off the intraday high and has been consolidating in the mid-$120.00 handle.

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