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Stock Market & Financial Investment News

News Breaks
April 11, 2013
11:17 EDTFTNT, CHKP, PANW, FIREFortinet 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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July 16, 2014
10:24 EDTFTNTHigh option volume stocks:
High option volume stocks: AMSC FTNT LYG TSEM FOXA HCA BKE XON LCI ASML
10:00 EDTPANW, FTNTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: American Airlines (AAL) initiated with an Overweight at Atlantic Equities... Apple (AAPL) initiated with a Buy at Citigroup... Basic Energy (BAS) initiated with a Neutral at RW Baird... Brookdale Senior Living (BKD) initiated with a Buy at Goldman... CA Technologies (CA) initiated with a Market Perform at FBR Capital... Dresser-Rand (DRC) initiated with a Neutral at RW Baird... Fortinet (FTNT) initiated with a Neutral at Goldman... Frank's International (FI) initiated with a Hold at Jefferies... Home Bancorp (HBCP) initiated with an Outperform at Fig Partners... Key Energy (KEG) initiated with an Outperform at RW Baird... McDermott (MDR) initiated with a Neutral at Tigress Financial... ORBCOMM (ORBC) initiated with a Neutral at Macquarie... Oil States (OIS) initiated with an Outperform at RW Baird... PBF Energy (PBF) initiated with an Equal Weight at Barclays... Palo Alto (PANW) assumed with a Conviction Buy at Goldman... Proofpoint (PFPT) initiated with a Buy at Goldman... Qlik Technologies (QLIK) initiated with a Market Perform at FBR Capital... Radius Health (RDUS) initiated with a Buy at Canaccord... Seventy Seven Energy (SSE) initiated with a Hold at Jefferies... Superior Energy (SPN) initiated with an Outperform at RW Baird... Tandem Diabetes (TNDM) initiated with an Outperform at William Blair... Trecora Resources (TREC) initiated with a Buy at B. Riley... Ultragenyx (RARE) initiated with an Outperform at RW Baird... United Natural Foods (UNFI) initiated with an Outperform at Oppenheimer... Viper Energy (VNOM) initiated with a Market Perform at Northland... Whiting Petroleum (WLL) initiated with a Buy at Tigress Financial.
05:52 EDTPANWPalo Alto assumed with a Conviction Buy at Goldman
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05:47 EDTFTNTFortinet initiated with a Neutral at Goldman
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05:44 EDTCHKPCheck Point assumed with a Neutral at Goldman
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July 15, 2014
08:48 EDTPANWPalo Alto outlook has improved, says JMP Securities
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