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In panels, a "last updated" field in the content of a panel always displays the creation date of the node instead of the last updated date of the node.
I believe this is a bug that can be fixed as follows.
In line 35 of modules/ctools/plugins/content_types/node_context/node_updated.inc ,
change "node->updated" to "node->changed":
That is, the current line is
$block->content = format_date(!empty($node->updated) ? $node->updated : $node->created, $conf['format']);
Change it to
$block->content = format_date(!empty($node->changed) ? $node->changed : $node->created, $conf['format']);
I will add a duplicate of this bug report to the issues queue for the panels module.