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>>> Palo Alto Networks Gains the Most in Six Months on Rosy Forecast
Bloomberg
by Redd Brown and Katrina Manson
Aug 20, 2024
https://finance.yahoo.com/news/palo-alto-jumps-strong-profit-205336645.html
(Bloomberg) -- Palo Alto Networks Inc. shares rose the most in nearly a year after the cybersecurity company gave a strong forecast and boosted its share buyback program.
The shares climbed as much as 9.3% in New York on Tuesday to $375.37, the biggest intraday gain since Feb. 26. Palo Alto had risen 16% through the close Monday.
In an earnings report on Monday, Palo Alto reported that earnings for the current fiscal quarter will be $1.47 per share to $1.49 per share. Analysts had expected $1.43.
The results come as a boon for Palo Alto, one of America’s leading cybersecurity companies, which hit a record market capitalization of $121 billion following the results, up from $91 billion at the start of the year. Chief Executive Officer Nikesh Arora had warned back in February that customers were suffering from “spending fatigue” in cybersecurity, as the company missed Wall Street expectations for annual sales, sending the value of the company plummeting by a record 27% at the time.
The company has attempted to refresh its sales strategy, with limited success, Bloomberg Intelligence said before the report.
Palo Alto managed to grow its sales 12% last quarter, faster than expected. The reported full-year sales of just over $8 billion was in line with consensus expectations that were moderated after it cut its outlook earlier this year.
Wall Street remained bullish overall on the stock of the Santa Clara, California-based company ahead of Monday’s earnings, which had 40 buys, 15 holds, and zero sell ratings among analysts tracked by Bloomberg.
Palo Alto also announced its board approved an additional $500 million to repurchase shares, increasing the total authorization to $1 billion.
Analysts have been watching to see any impact on the cybersecurity market from the mass outages last month triggered by a flawed update from CrowdStrike Holdings Inc. That includes whether CrowdStrike customers were switching to rivals or pushing back on cybersecurity vendors in general.
Arora said in an investor call on Monday the company was “delighted” with its results, adding cybersecurity has risen up the agenda in C-suites following “a recent broad outage involving security tools.”
Palo Alto creates its own updates in a “fundamentally different way” from CrowdStrike, Arora said. Since the outage, customers have been reaching out and asking how Palo Alto deploys its updates compared with its rival, he said.
On Tuesday, Arora told Bloomberg TV that the cybersecurity market remains fragmented and ripe for consolidation. Growth will likely come from taking market share from smaller players rather than from its rival, CrowdStrike, he said.
Dipak Golechha, chief financial officer, said the company would no longer issue guidance on billings forecasts to investors in the future. That follows Arora’s contention in May that billings represent “an artificial metric” after the figure missed analyst estimates and disappointed investors.
Golechha said the company will instead issue guidance for annualized recurring revenue for part of its product offering and remaining performance obligations, known for short as RPO, a measure of how much revenue is already contracted.
Wall Street firms such as Guggenheim Securities have previously warned of pitfalls associated with relying on RPO. In November 2022, Guggenheim argued that RPO lacked crucial information, such as the time frame in which contracted revenues will be spent.
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>>> Google scraps plan to remove cookies from Chrome
Reuters
7-22-24
https://www.msn.com/en-us/money/technology/google-scraps-plan-to-remove-cookies-from-chrome/ar-BB1qr9ml?OCID=ansmsnnews11
(Reuters) - Google is planning to keep third-party cookies in its Chrome browser, it said on Monday, after years of pledging to phase out the tiny packets of code meant to track users on the internet.
The major reversal follows concerns from advertisers - the company's biggest source of income - saying the loss of cookies in the world's most popular browser will limit their ability to collect information for personalizing ads, making them dependent on Google's user databases.
The UK's Competition and Markets Authority had also scrutinized Google's plan over concerns it would impede competition in digital advertising.
"Instead of deprecating third-party cookies, we would introduce a new experience in Chrome that lets people make an informed choice that applies across their web browsing, and they'd be able to adjust that choice at any time," Anthony Chavez, vice president of the Google-backed Privacy Sandbox initiative, said in a blog post.
Since 2019, the Alphabet unit has been working on the Privacy Sandbox initiative aimed at enhancing online privacy while supporting digital businesses, with a key goal being the phase-out of third-party cookies.
Cookies are packets of information that allow websites and advertisers to identify individual web surfers and track their browsing habits, but they can also be used for unwanted surveillance.
In the European Union, the use of cookies is governed by the General Data Protection Regulation (GDPR), which stipulates that publishers secure explicit consent from users to store their cookies. Major browsers also give the option to delete cookies on command.
Chavez said Google was working with regulators such as the UK's CMA and Information Commissioner's Office as well as publishers and privacy groups on the new approach, while continuing to invest in the Privacy Sandbox program.
The announcement drew mixed reactions.
"Advertising stakeholders will no longer have to prepare to quit third-party cookies cold turkey," eMarketer analyst Evelyn Mitchell-Wolf said in a statement.
Lena Cohen, staff technologist at the Electronic Frontier Foundation, said cookies can lead to consumer harm, for instance predatory ads that target vulnerable groups. "Google's decision to continue allowing third-party cookies, despite other major browsers blocking them for years, is a direct consequence of their advertising-driven business model," Cohen said in a statement.
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>>> The Software Patch That Shook the World
The Wall Street Journal
by Asa Fitch, Sam Schechner, Sarah E. Needleman
https://www.msn.com/en-us/money/other/the-software-patch-that-shook-the-world/ar-BB1qjK6i?cvid=6c514e8caf7544da8de6c759667e5682&ei=26
Hemant Rathod, an Indian executive, was sipping tea in a conference room Friday morning in Delhi, about to send a long email to his team, when his computer went haywire.
The HP laptop suddenly said it needed to restart. Then the screen turned blue. He tried in vain to reboot. Within 10 minutes, the screens of three other colleagues in the room turned blue too.
“I had taken so much time to draft that email,” Rathod, a senior vice president at Pidilite Industries, a construction-materials company, said by phone half a day later, still carrying his dead laptop with him. “I really hope it’s still there so I don’t have to write it again.”
The outage, one of the most momentous in recent memory, crippled computers worldwide and drove home the brittleness of the interlaced global software systems that we rely on.
Triggered by an errant software update from the cybersecurity company CrowdStrike, the disruption spread as most people on the U.S. East Coast were asleep and those in Asia were starting their days.
Over the course of less than 80 minutes before CrowdStrike stopped it, the update sailed into Microsoft Windows-based computers worldwide, turning corporate laptops into unusable bricks and paralyzing operations at restaurants, media companies and other businesses. U.S. 911 call centers were disrupted, Amazon.com employees’ corporate email system went on the fritz, and tens of thousands of global flights were delayed or canceled.
“In my 30-year technical career, this is by far the biggest impact I’ve ever seen,” said B.J. Moore, chief information officer for the Renton, Wash.-based healthcare system Providence, whose hospitals struggled to access patient records, perform surgeries and conduct CT scans.
Fixing the problem involved technical steps that confounded many users who aren’t tech-savvy. Some corporate IT departments were still working to unfreeze computer systems late on Friday. CrowdStrike said the outage isn’t a cyberattack.
Adding to the chaos—and further underlining the vulnerability of the global IT system—a separate problem hit Microsoft’s Azure cloud computing system on Thursday shortly before the CrowdStrike glitch, causing an outage for customers including some U.S. airlines and users of Xbox and Microsoft 365.
The CrowdStrike problem laid bare the risks of a world in which IT systems are increasingly intertwined and dependent on myriad software companies—many not household names. That can cause huge problems when their technology malfunctions or is compromised. The software operates on our laptops and within corporate IT setups, where, unknown to most users, they are automatically updated for enhancements or new security protections.
In a 2020 hack, Russian perpetrators inserted malicious code into updates of SolarWinds software in a way that compromised a swath of the U.S. government and scores of private companies.
The rising frequency and impact of cyberattacks, including ones that insert damaging ransomware and spyware, have helped fuel the growth of CrowdStrike and such competitors as Palo Alto Networks and SentinelOne in recent years. CrowdStrike’s annual revenue has grown 12-fold over the past five years to over $3 billion.
But cybersecurity software such as CrowdStrike’s can be especially disruptive when things go wrong because it must have deep access into computer systems to rebuff malicious attacks.
Not all updates happen automatically, and computer attacks often occur because people or businesses are slow to adopt patches sent by software companies to fix vulnerabilities—in essence, failing to take the medicine the doctors prescribe. In this case, the medicine itself hurt the patients.
The global outage began with an update of a so-called “channel file,” a file containing data that helps CrowdStrike’s software neutralize cyber threats, CrowdStrike said. The update was timestamped 4:09 a.m. UTC—just after midnight in New York and around 9:30 a.m. in India.
That update caused CrowdStrike’s software to crash the brains of the Windows operating system, known as the kernel. Restarting the computer simply caused it to crash again, meaning that many users had to surgically remove the offending file from each affected computer
The nature of the patch meant that the impact was uneven, with people in the same office even experiencing the outage very differently. Apple Macs, which don’t use the affected Windows software, were OK, and servers and PCs that weren’t on and internet-connected didn’t receive the toxic update.
CrowdStrike soon realized something was amiss and the update to the file was rolled back 78 minutes later. That meant it wouldn’t affect computers that were off or in sleep mode during that period. But for many of those that were switched on, the damage was done.
In a blog post, CrowdStrike told those users to boot into the Windows “safe mode,” delete the offending file—called C-00000291*.sys—and reboot.
IT teams often can fix problems on employees’ computers using remote-access software—tools that became especially common during the work-from-home boom of the pandemic. But for laptops and other PCs that approach doesn’t work if the machines can’t restart. For those systems, CrowdStrike’s fix had to be done in person—either by a tech-support person on site, or by a regular employee trying to apply the instructions.
Moore, the Washington state healthcare CIO, was away on vacation and initially wasn’t worried when emails about malfunctioning computer applications started landing in his inbox Thursday night.
But by 11 p.m. Pacific time, he had learned that the outage had engulfed the nonprofit health system’s approximately 50 hospitals and 1,000 clinics across seven states. Hundreds of IT employees began deploying patches, which required manual remediation, he said.
Some of the system’s affected computers and devices were fixed by 6 a.m., and most were humming again by 10 a.m. “It will be the end of the day before we get it all done,” Moore said Friday morning.
As companies were grappling with the impact, CrowdStrike’s co-founder and chief executive officer, George Kurtz, was on TV trying to reassure customers—and shareholders—looking haggard after a long night.
“We identified this very quickly and rolled back this particular content file,” Kurtz said in a CNBC interview about nine hours after the faulty update. “Some systems may not fully recover, and we’re working individually with each and every customer to make sure that we can get them up and running and operational,” he added.
The time frame for the recovery could be hours or “a bit longer,” he said. Kurtz said on X that the outage isn’t “a security incident or cyberattack.”
Microsoft CEO Satya Nadella took to X to offer his own reassurance that the company was working closely with CrowdStrike to bring systems back online. Tesla CEO Elon Musk responded, “This gave a seizure to the automotive supply chain,” and later said, “We just deleted CrowdStrike from all our systems.”
In the U.S., air travel chaos spilled into a second day Saturday as some airlines struggled to get operations back on track, while others started to return to normal. Over 1,200 U.S. flights had been scrapped as of midday Saturday in addition to the 3,400 that were canceled Friday according to FlightAware, a flight tracking site.
Delta Air Lines has been the hardest hit, scrubbing over a third of its flights Friday with mounting cancellations Saturday. Delta executives wrote in an internal memo Friday that a significant number of the airline’s operating applications run on Windows. Most of those had been restored, but a crew tracking-related tool was taking longer to process the high volume of changes. The carrier told pilots in a separate Saturday update that a large volume of open trips needed crews and the airline was working to prevent planes from backing up on the ground at its Atlanta hub.
For Rathod, the senior vice president at Pidilite, the travails didn’t end with his potentially lost email. After switching to his iPad to keep working, he had to rush to the airport for a flight—only to find long lines and flummoxed security staff checking boarding passes manually. Flight information screens weren’t working, so he had to find airline staff to direct him to the right gate.
“It was a mess at Delhi airport,” Rathod said. “How can we depend so much on one company?”
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>>> How to fix the ‘blue screen of death’ on your PC
The Washington Post
by Tatum Hunter
7-19-24
https://www.msn.com/en-us/news/technology/how-to-fix-the-blue-screen-of-death-on-your-pc/ar-BB1qhFFY?cvid=b30589bf83044dd5fd7289221e7e5e5d&ei=136
A problem with Microsoft Windows caused sweeping outages affecting hospitals, airlines, emergency services and people at home. The error — caused by a technical problem with cybersecurity software from CrowdStrike — sends users to a “blue screen of death,” telling them their device needs to restart.
But simply restarting might not fix the issue, users report. On Reddit, IT workers discussed the dizzying scope of the outage.
“This is what Y2K wishes it was,” one user commented. Others said the outage was the worst they’ve seen and noted the multiple steps they’re taking to get their employers back online.
Microsoft and CrowdStrike blamed the outage on a CrowdStrike software update that went out Friday. In a post on X, Microsoft suggested that affected users fix their computers by restoring the system to a point before the buggy CrowdStrike update went out. It linked to online directions for a manual restore.
What is the BSOD?
“Blue screen of death” is a cheeky nickname for a Windows error message that can keep users stuck rebooting their computers. The message reads “Your device ran into a problem and needs to restart. We’re just collecting some error info, and then we’ll restart for you.”
How to restore an affected computer
Most of the work of getting systems working again will fall to IT professionals working for organizations. But people at home can attempt to work around the blue screen of death as well.
“The worst thing that happens if you try fixing it is that it doesn’t work, so you’re back where you started,” said Gregory Falco, a professor of systems engineering at Cornell University.
The simplest fix is to repeatedly reboot your computer, said iFixit CEO Kyle Wiens. Try restarting up to 15 times to see if anything changes, he suggested.
If that doesn’t work, you can restore your computer to a version before the update. To do so, power on your PC, but before it can launch, press and hold the power button to turn it back off. Do this three times in a row, and after the third time, you should see some advanced settings appear. Go to “advanced options,” then “system restore.”
You’ll see options for different restart points. Choose a point before the blue screen appeared — perhaps from yesterday. Then click through to the end by choosing “next” or “finish.”
You can also trying booting your computer into Safe Mode. To do this, follow the steps above to power on and off until your screen shows advanced options. Choose troubleshoot > advanced options > startup settings > restart. Once your device restarts, select safe mode. Use the computer menu to find the folder C:\Windows\System32\drivers\CrowdStrike. Then find the file named “C-00000291*.sys” and delete it. Last, restart your computer.
What if I can’t reach emergency services?
If you can’t get through to 911 or other emergency services, check the websites and X accounts of your local police, fire and state trooper departments. Many should list alternate emergency numbers you can try.
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