$PANW now has two beige cards. Don’t stack them as fact.

New: Dec 17 2027 420C, $8M, 11.6% OTM → spot ~$376

Old: Mar 19 2027 500C, $6.1M, 34% OTM → spot ~$373

Cash: $378 +14%, cap $308B, PT $391, 6M +126%, fwd ~79×.420s = mild LEAP.

500s = flyer. Both print after the rip. 420/500 would be a spread the tiles won’t draw.

[NOT FINANCIAL ADVICE, DYOR!]

Posted Sep 14, 2026, 7:55 PM UTC