What: Despite a lack of company-specific news, shares of Palo Alto Networks (NYSE: PANW) fell as much as 15% early Friday.
So what: With the NASDAQ Composite Index down 3% today as of this writing, many formerly high-flying tech stocks as a group are taking a beating today. Palo Alto Networks has been hit particularly hard during the broader market's pullback, effectively erasing the gains it enjoyed following its sixth straight quarterly earnings beat in November.
Now what: As it stands, it seems safe to say investors are looking forward to Palo Alto Networks' next quarterly report on Feb. 25, which could serve as a catalyst for the stock to resume its upward climb if the company extends its propensity for over-delivering relative to both its own expectations and those of Wall Street. In the meantime, however, I think investors would be wise to focus on the business itself -- which so happens to be performing very well -- as we patiently wait for the current market turmoil to subside.
Steve Symington has no position in any stocks mentioned. The Motley Fool recommends Palo Alto Networks. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.