PANW - Why Dollar Tree Palo Alto Networks and Movado Group Slumped Today
Tuesday was another decent day on Wall Street, as most major benchmarks finished slightly above where they started the session. Hopes on the trade front helped to overcome downward pressure from economic readings in the U.S., and investors seem content to ride upward momentum into the last part of 2019. Yet some individual stocks didn't fare as well. Dollar Tree (NASDAQ: DLTR), Palo Alto Networks (NYSE: PANW), and Movado Group (NYSE: MOV) were among the worst performers. Here's why they did so poorly.
Shares of Dollar Tree fell 15% after the dollar store retailer posted disappointing third-quarter financial results. Same-store sales grew 2.5% from year-earlier levels, but earnings came in toward the bottom end of Dollar Tree's previous guidance range. Moreover, the company's Family Dollar store chain underperformed the namesake Dollar Tree stores in terms of same-store comps, reversing trends that the company has seen in recent quarters. Tariffs are having a negative impact on Dollar Tree's overall results, and so the company has a lot to gain if the U.S. and China are able to come to an agreement that would eliminate those levies in the near future.
Image source: Dollar Tree.