Live Markets: Nancy Pelosi bets on Palo Alto shares

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27/02/2024 13:05

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    NANCY PELOSI BETS ON PALO ALTO SHARES    
    Democrat U.S. House Speaker Nancy Pelosi on Monday disclosed
her recent investment in cybersecurity firm Palo Alto Networks
 PANW.O .
    Pelosi this month bought up to $1.25 million Palo Alto call
options at a strike price of $200 that expire on Jan 17 next
year, a disclosure showed.
    Shares of Palo Alto rose 5.5% to $318.75 in U.S. premarket
trading after a 7.3% jump on Monday. Shares have recovered 15%
since Wednesday's 28% plunge - the worst day on record for the
stock - after the firm downgraded its annual billings forecast.
    Some people on social media platforms closely track
multimillionaire Pelosi and her husband, financier Paul Pelosi's
trade disclosures, believing her position as House Speaker gives
them an edge.
    A 2012 law makes it illegal for lawmakers to use information
from their work in Congress for personal gain. The law requires
them to disclose stock transactions of their own or by family
members within 45 days.
    In early 2022, Pelosi signaled her willingness to advance
legislation that could ban lawmaker stock trades and said any
suspicions of insider trading by members of Congress would be
subject to investigation by the U.S. Department of Justice.
    Other holdings in Pelosi's portfolio include Nvidia
 NVDA.O , Alphabet  GOOGL.O , Amazon  AMZN.O  and Microsoft
 MSFT.O .
    Pelosi's stocks portfolio returned 65.5% gain in 2023,
compared to S&P 500's  .SPX , according to an analysis by
Unusual Whales, a service selling financial data.
    
    (Medha Singh)
    
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