Why did Palo Alto Networks stock go down today? Tenable spurs concern
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Palo Alto Networks (NASDAQ:PANW) fell nearly 5% on Tuesday after competitor Tenable (NASDAQ:TENB) reported first-quarter results and offered weak billings and guidance for the rest of the year. 
Looking to the second-quarter, Tenable (TENB) expects sales to be between $189M and $191M, below the $193.76M consensus. Adjusted earnings are forecast to be between 12 and 13 cents per share, above the 10 cent consensus.
For the full-year, Tenable (TENB) adjusted its current billings forecast, as it now expects them to be between $875M and $885M. Revenue is forecast to be between $775M and $785M, below the $805.39M that analysts were forecasting.
Adjusted earnings are forecast to be between 57 and 61 cents per share, above the 53 cents analysts were expecting.
Wedbush Securitoes analyst Dan Ives said the poor results and guidance from Tenable (TENB) added to worries about the global economy. 
"With billings for the year being lowered by ~4% we believe management has now set a conservative bar that assumes soft sales cycles for the rest of the year even though a number of slipped deals was already closed in April," Ives penned in a 
Despite the weak outlook, Ives said the risk-reward on Tenable (TENB) is "very compelling" and it is likely that the company will recover from what he called a "stumble."
Tenable (TENB) shares finished down nearly 19% on heavy volume.
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