Why Cloudflare's Stock Is Soaring Today

Shares of cloud-based network security specialist Cloudflare (NYSE: NET) are trading 17.6% higher at 3:10 p.m. EDT, just ahead of the company's first-quarter earnings report. The report is scheduled for publication just after the closing bell, either confirming or refuting the bullish industry signals that were sent by Cloudflare's sector rivals earlier this week.

The COVID-19 crisis has been good to some businesses, including email security expert Zix (NASDAQ: ZIXI), edge services specialist Fastly (NYSE: FSLY), and cybersecurity generalist Fortinet (NASDAQ: FTNT). All of these companies reported earnings this Wednesday evening and their shares are skyrocketing today. At press time, Fastly shares traded 47.7% higher while Fortinet sported a 22.3% return and Zixi's shares were up by 15%.

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Source Fool.com