Palo Alto, Sentinel, CyberArk And Fortinet Rally In Pre-Market: What's Driving Gains In Cybersecurity Space?

Author: Shanthi Rexaline | July 19, 2024 07:44am

CrowdStrike Holdings, Inc.’s (NASDAQ:CRWD) pain has become a gain for its cybersecurity peers and the latter as a group are seen advancing strongly in premarket trading on Friday.

Microsoft Corp. (NASDAQ:MSFT) properties experienced a significant outage, causing disruptions for banks, airlines, media companies, and emergency services worldwide. The outage was reportedly caused by an update from CrowdStrike. CrowdStrike’s CEO George Kurtz informed via social-media platform X that the issue has been identified and a fix has been deployed. “This is not a security incident or cyberattack,” he clarified.

CrowdStrike is actively working with customers impacted by a defect found in a single content update for Windows hosts. Mac and Linux hosts are not impacted. This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed. We…

— George Kurtz (@George_Kurtz) July 19, 2024

Notwithstanding the fixing and the assurances, shares of CrowdStrike fell nearly 12% in premarket trading. Its peers moved in sympathy.

According to data available on Benzinga Pro:

• Palo Alto Networks, Inc. (NASDAQ:PANW) rose 2.37% to $331.57.
• SentinelOne, Inc. (NYSE:S) rallied 6.95% to $21.54.
• Fortinet, Inc. (NASDAQ:FTNT) rose 1.19% to $58.82.
• CyberArk Software Ltd. (NASDAQ:CYBR) added 1.52% to $265.80.

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Posted In: CRWD CYBR FTNT MSFT PANW S