Why CrowdStrike, Zscaler, and Fortinet Stocks Rallied Wednesday Morning
A broad cross-section of stocks were mixed on Wednesday, as Wall Street digested conflicting financial results from a number of companies in the midst of macroeconomic headwinds.
With that as a backdrop, a number of cybersecurity companies outperformed the broader markets. Shares of CrowdStrike Holdings (NASDAQ: CRWD) climbed as much as 3.5%, Zscaler (NASDAQ: ZS) jumped as much as 4.4%, and Fortinet (NASDAQ: FTNT) rose as much as 2.6%. As of 1:03 p.m. ET, the trio were still trading higher, gaining 3.3%, 3.3%, and 0.6%, respectively.
A check of all the usual sources -- regulatory filings, analyst's commentary, and financial reports -- found no company-specific news fueling the gains, suggesting the stock price moves were driven by robust financial results of a rival in the space.
Source Fool.com
