Shares of Palo Alto Networks Inc. (NYSE: PANW), dove more than 14 percent in after-hours trading Monday after the security-software company reported weaker sales growth than previously expected and cut its Q3 and FY20 guidance.
"Fiscal second-quarter revenue was below our expectations primarily as a result of continued impact of sales incentives related to our Next-Generation Security products from our prior fiscal year..." said Chief Executive Nikesh Arora in today's earnings release.
The company's shares today closed down 2.33 percent at $237.33, then plunged to $203.50 in after-hours trading following the announcement.
Lemelson Capital Management (LCM) began shorting shares of Palo Alto Networks on behalf of its clients in The Amvona Fund, LP (The Fund) in late December 2019 with 95 percent of the short sales made on February 13, 2020, at an average price per share of $244.91. Palo Alto Networks is one of The Fund's largest short positions.
Separately, shares of Shake Shake, Inc. (NYSE: SHAK), plummeted as much as 14 percent, to under $65 per share in extended trading today after the company reported disappointing guidance of it's own.
LCM is short shares of Shake Shake on behalf of investors in The Fund at an average price of $102.35.
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