Whenever stocks break out amid a general decline in the index, watch them closely. Fortinet (FTNT) gained 25.3% on Wednesday. It rallied after posting a healthy 10.9% Y/Y increase in revenue, to $1.43 billion. Its Q3 revenue outlook is well above the consensus estimate.
Fortinet supplies cybersecurity solutions and services.
FTNT stock may trade above the $70s in the coming weeks.
Investors who do not want the risk of holding CrowdStrike Holdings (CRWD) will switch to FTNT stock instead.
Axon Enterprise (AXON) is another hot stock to watch. After gaining 18.4% yesterday, the stock may find new highs. Axon reported Q2 non-GAAP EPS of $1.20. Revenue grew by 34.6% Y/Y to $504.1 million. For 2024, it expects an adjusted EBITDA margin of 23.1%. This is up from its prior margin guidance of 22.3%.
Axon has a stronghold in the public safety market.
The only risk for AXON stock is its high stock-based compensation.
Global Payments (GPN) is about to break out above $100. In Q2, revenue increased by 4.9% Y/Y to $2.57 billion. CFO Josh Whippie said that its net revenue forecast of up to $9.30 this year reflects the potential for a more tempered economic environment.
