NET - Why CrowdStrike Cloudflare Zscaler and Other Cybersecurity Stocks Soared on Friday
2023-10-06 16:42:12 ET
Wall Street ended the week on a high note. The broader economy took center stage as investors digested the latest monthly jobs report and what it means for the direction of the overall economy. While the jobs market remains remarkably robust, the data offered tantalizing clues that the results weren't as strong as they initially appeared. This gave investors hope that the Federal Reserve Bank is making headway in its battle with persistent inflation.
While the general market rebound no doubt added fuel to the fire, a number of stocks in the cybersecurity industry generated more-robust gains. Cloudflare (NYSE: NET) jumped 7%, CrowdStrike Holdings (NASDAQ: CRWD) and CyberArk Software (NASDAQ: CYBR) each climbed 6.3%, and Zscaler (NASDAQ: ZS) rose 6%, as of 3:26 p.m. ET on Friday.
A check of all the usual sources -- regulatory filings, analysts' commentary, and financial reports -- found no company-specific news driving the gains, but there was a breaking story that might help explain what drove these stocks higher.
For further details see:
Why CrowdStrike, Cloudflare, Zscaler, and Other Cybersecurity Stocks Soared on Friday