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Stock Market & Financial Investment News

News Breaks
April 11, 2013
11:17 EDTFIRE, FTNT, PANW, CHKPFortinet pulls down Internet security sector after Q1 miss
A number of Internet security stocks are retreating after a company in the sector, Fortinet (FTNT), reported weaker than expected first quarter results. CATALYST: Fortinet, which develops network security products, announced preliminary first quarter earnings per share of 10c, versus analysts' consensus estimate of 12c. The company's revenue was also lower than expected. "Our financial results were negatively impacted by a few deals in the U.S. service provider segment which did not close as expected, macro factors in Latin America and (the Europe, Middle East and Africa region), and, to a lesser extent, the timing of new appliance product releases and inventory shortages," explained Fortinet CEO Ken Xie. Catalysts driving demand for Internet security products, however, remain strong, he added. TODAY'S PRICE ACTION: In late morning trading, Sourcefire (FIRE) dropped 2.6% to $53 and Palo Alto (PANW) gave back 1.3% to $54, while Fortinet slumped 16% to $18.40. BEARISH TAKE: A number of research firms, including Wells Fargo and Needham, reacted to Fortinet's results by downgrading the shares. Wells Fargo, which lowered its rating on the stock to Market Perform from Outperform, believes that the company could miss its 2013 guidance. The firm lowered its price target range on the shares to $17-$18 from $28-$29. Needham dropped the stock to Hold from Buy. BULLISH TAKE: Stifel Nicolaus recommended buying Fortinet's stock on weakness, as the firm thinks the shares' multiple is reasonable and that company could be viewed as a valuable takeover candidate. Stifel kept a Buy rating on the shares. Meanwhile, after conducting channel checks, Oppenheimer wrote that the valuation of Check Point (CHKP), another IT security company, is attractive. The firm expects Check Point to report in-line Q1 results and reiterate its FY13 guidance. Oppenheimer kept a $56 price target and Outperform rating on the shares.
News For FTNT;CHKP;PANW;FIRE From The Last 14 Days
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April 17, 2015
15:31 EDTCHKPNotable companies reporting before Monday's open
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15:08 EDTFTNTFortinet May volatility elevated into Q1 and outlook
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14:19 EDTCHKPCheck Point May volatility elevated into Q1 and outlook
Check Point May call option implied volatility is at 26, July is at 21, October is at 19; compared to its 26-week average of 22 according to Track Data, suggesting larger near term price movement into the expected release of Q4 results on April 20.
April 13, 2015
06:47 EDTPANWPalo Alto, FireEye remain Piper's favorite security ideas
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April 12, 2015
18:11 EDTPANW, CHKP, FTNTEx-hacker says many capable of launching Sony-style cyber attack, CNET says
Ninety percent of companies are vulnerable to a Sony (SNE)-like cyber attack security experts tell "60 Minutes," CNET says. Companies in the cyber security space include Barracuda (CUDA), FireEye (FEYE), Check Point (CHKP), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Qualys (QLYS), Symantec (SYMC) and Proofpoint (PFPT). Reference Link
April 10, 2015
07:33 EDTCHKPCheck Point price target raised to $94 from $85 at BofA/Merrill
BofA/Merrill raised Buy rated Check Point's price target to $94 given favorable sector trends, a broad product portfolio, and large installed base.
April 8, 2015
11:08 EDTPANW, FTNT, CHKPCybersecurity stocks in focus after White House security breach
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09:36 EDTPANW, FTNT, CHKPSingtel acquires cybersecurity company Trustwave for $810M
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