Palo Alto Networks (NASDAQ:PANW) stock is on the rise Friday as an outage caused by CrowdStrike (NASDAQ:CRWD) boosts PANW shares higher this morning.
It looks like an update from Crowstrike to devices running Microsoft’s (NASDAQ:MSFT) Windows is causing outages around the world. CrowdStrike is one of the major players in the cybersecurity game, so this is a major blow to CRWD shares as they fall 12% today.
However, that loss for CRWD stock is good news for its competitors. That includes Palo Alto Networks, which is seeing shares of PANW stock jump 3.1% higher on Friday morning.
What’s Next for PANW Stock?
It’s possible traders will continue to see PANW stock rally throughout the day. That’ll depend on how long it takes for all of the CrowdStrike problems to be resolved. Ongoing issues could continue to act as a positive catalyst for shares of Palo Alto Networks.
It’s worth highlighting that the problems caused by the CrowdStrike outage are wide-ranging. Several sectors are affected. That includes airline companies, the financial market, media corporations and more. This could leave a permanent stain on the firm’s reputation.
If that happens, it could mean some customers will switch away from CrowdStrike. That could lead them to Palo Alto Networks and other rivals of the cybersecurity business.
Investors will want to stick around for more of the most recent stock market stories today!
We have all of the hottest market news ready to go on Friday! Among that is what has shares of SunPower (NASDAQ:SPWR), Nauticus Robotics (NASDAQ:KITT) and 60 Degrees (NASDAQ:SXTP) stock in the news today. You can catch up on all of this at the links below!
More Friday Stock Market News
- Why Is SunPower (SPWR) Stock Down 10% Today?
- Why Is Nauticus Robotics (KITT) Stock Down 19% Today?
- Why Is 60 Degrees (SXTP) Stock Up 56% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
