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The Ratings Game: Symantec and Fortinet both beat on earnings, but one stock surges while the other drops

In a tale of two cybersecurity companies that topped expectations with earnings, Symantec Corp. saw shares surge while Fortinet Inc. saw its stock plummet on Friday, and it all appears to be about expectations and valuations.

Symantec SYMC, +4.70% shares rallied to an intraday high of $20.60 and were last up 5.9%. Late Thursday, Symantec’s quarterly results topped Wall Street results after having closed at $18.73, a 33% decline over the course of 2018.

Fortinet FTNT, -13.55% shares dropped to an intraday low of $71.83 and were last down 13%. Late Thursday, the company’s third-quarter results topped Wall Street estimates, but from analyst takes, the plunge appears to be a “sell the news” event.

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