Stocks Analysis by Christine Short covering: Palo Alto Networks Inc. Read Christine Short's latest article on Investing.com
) confirms a Friday after-the-bell earnings date, we pay attention, especially when it’s never reported at that time before.
At Wall Street Horizon we are always on the lookout for companies that confirm outlier earnings dates, and while this is an outlier as far as day-of-the-week is concerned, the actual date in question is just slightly earlier than when PANW would typically report.Palo Alto Networks has reported fiscal Q4 results from 8/22 - 8/24 for the last three years, on a Monday after market close . The prior seven years of reports had been much later, from 8/30 - 9/9, with no day-of-the-week trend.
Due to the 3-year trend, we had assumed a report date of Monday, August 21 AMC. Instead, on August 2 PANW confirmed they would report August 18 AMC, the first ever Friday report since they IPO’d in 2012.It’s been a well-known tactic for years that companies try to hide their bad earnings reports during times when there is less market attention. That typically means busy days, after hours, and Fridays.
But even though investor attention is still intact on Fridays, the research shows that earnings reported after hours, on busy days, and even on Fridays, are significantly worse than at other times. Because this seems to be the case, even announcing a Friday AMC report date dings a stock, just as we’ve seen with PANW. Since confirming their FQ4 2023 report date on August 2, the stock has fallen ~15%.
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