Wall Street to Rise Tuesday Morning

Palo Alto trades actively Tuesday morning

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Nov 21, 2017
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Wall Street edged higher on Tuesday pre-market trading, after Janet Yellen submitted her resignation as Chair of the Board of Governors of the Federal Reserve. The resignation will be effective as of February next year, and the lawyer Jerome Powell will take the position of of Fed chair, being the first non-economist in history to assume this responsibility.

Shares of Palo Alto Networks Inc. (PANW) jumped more than 8% in pre-market session, ahead of reportingfinancial results for the first quarter. The company posted EPS of 74 cents and beat estimates by 5 cents while revenue of $505.5 million also beat by $16.5 million and was up 27.0% year over year.

Mark McLaughlin, chief executive officer, was pleased with the first trimester of the fiscal year 2018 with record revenue and the addition of more than 2,500 new customers, to now serve about 45,000.

"We continue to drive disruptive evolutions in a large and growing market by delivering highly automated and orchestrated security capabilities that increase prevention rates and simplify consumption models." he said.

Gainers

• Medtronic plc (MDT, Financial)

• Hormel Foods Corporation (HRL, Financial)

• Jacobs Engineering Group Inc. (JEC, Financial)

• PayPal Holdings, Inc. (PYPL, Financial)

Losers

• Signet Jewelers Limited (SIG, Financial)

• Campbell Soup Company (CPB, Financial)

• Intuit Inc. (INTU, Financial)

• Waters Corporation (WAT, Financial)

Global Markets

The main European stock markets traded higher. The U.K.'s FTSE gained 0.32%, the Germany's Dax rose0.98%, the France's CAC inched up 0.70%, and the Spain's Ibex climbed 0.11%.

In Asia, Japan's Nikkei gained 0.7%, Hong Kong's Hang Seng closed up 1.91%, India’s BSE Sensex inched up 0.36% and China´s Shanghai jumped 0.53%.

Disclosure: The author holds no positions in any stocks mentioned.