Cybersecurity stocks cheer Palo Alto's upbeat outlook

Tenable Holdings

20/05/2022 15:36

** Shares of cybersecurity firms catch a bid on Fri in wake
of Palo Alto Network's  PANW.O  upbeat outlook
    ** PANW jumps 10.6% after co posted qtrly beat, driven by
strong cybersecurity demand trends [ urn:newsml:reuters.com:*:nPn4bCdnxa  urn:newsml:reuters.com:*:nL2N2XC0O4
    ** "On the back of this strength across our portfolio, we
are again raising our guidance for the year across revenue,
billings and earnings per share," CEO Nikesh Arora said in
statement
    ** Major players gain in sympathy: Fortinet Inc  FTNT.O 
2.0%, CrowdStrike  CRWD.O  8.4%, CyberArk Software  CYBR.O  4.4%
    ** Other risers include: Check Point Software  CHKP.O  0.9%,
Zscaler Inc  ZS.O  7.7%, Telos Corp  TLS.O  2.5% and Tenable
Holdings  TENB.O  5.0%
    ** ETFMG Prime Cyber Security ETF  HACK.P  up 2.0% on Fri
    ** Software security stocks surged earlier this year on
cyber warfare warnings after Russia invaded Ukraine
 urn:newsml:reuters.com:*:nL4N2UX3MJ, but have sold off recently as investors shed tech
names amid broad market tumble

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))