Hey, it's Kramer, and this is my morning take on the market from today's CNBC Investing Club

morning meeting.

I want to start by saying, thank heavens we did sell the Cisco, even though I do like Chuck

Robbins is all the way back, and Palo Alto's coming in, but people have to remember that

Palo Alto has been very strong, and it was a convoluted call of which you put

out a fantastic note last night explaining what was going on.

Yeah, well, there certainly was a lot of confusion on the conference call.

I think it was some mess up on the chart.

But look, revenue strong, operating margin expansion, strong free cash flow, earnings growth,

basically all the important metrics that we want to see as they made this pivot to profitability

a year ago.

But they lowered their billings guidance.

A lot of it has to do with what they call the higher cost of money.

So there's basically two types of customers

that Palo Alto has.

They have one, they have some that do contracts

on an annual basis, or they have others

that will sign like a three-year deal,

pay the money up front.

And what they're seeing now because of higher interest

rates is more customers are hesitant to pay that

upfront money for those three-year

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