(https://www.cnbc.com/2026/06/02/palo-alto-networks-panw-q3-earnings-2026.html) on an earnings beat after taking a February guidance miss. Same playbook: lower expectations, beat them by 3-5%, and the market celebrates the 'recovery.' But here's what matters: the beat came *against lowered guidance*, not against high expectations. That's not resilience—that's expectation management.

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