1 month ago
Stock Market

FireEye Surges Midday; Qualcomm Slides

Investing.com - Cybersecurity company FireEye jumped in midday trading on positive analyst comments. FireEye (NASDAQ:FEYE) rose 4.5% after Baird put the

Investing.com - Cybersecurity company FireEye jumped in midday trading on positive analyst comments.

FireEye (NASDAQ:FEYE) rose 4.5% after Baird put the stock on its “Fresh Picks” list, noting a recent decline in shares despite the company’s confident 2019 guidance.

Baird has an outperform rating on the stock, with a price target of $23.

FireEye is set for a “breakout year” for major products such as its Managed Defense and iSight, Baird said according to Seeking Alpha.

The S&P 500 Information Technology sector was up 1.5%, led by IBM 's (NYSE:IBM) charge higher.

But Qualcomm (NASDAQ:QCOM) dragged on the sector, falling 4.3%.

Kerrisdale Capital issued a report today explaining why it is short Qualcomm, saying that the company is “on the brink of disaster” due to regulatory hurdles.

“In the past few years, regulators across the globe have concluded that Qualcomm’s ability to extract massive licensing fees from devicemakers like Apple (NASDAQ:AAPL) and Samsung (KS:005930) stems not from the quality of its patents but from unlawful monopolistic tactics,” Kerrisdale wrote.