NEW YORK (TheStreet) -- A number of cybersecurity stocks are moving higher this morning after media reports indicated that hackers infiltrated the White House's computer system.
WHAT'S NEW: Russian hackers penetrated parts of the White House computer system and were able to access sensitive information, including President Obama's e-mail and details about his schedule that were not made public, CNN reported. The cyberattack began with a phishing email, CNN quoted investigators as saying.
ANALYST REACTION: In a note to investors today, Piper Jaffray analyst Andrew Nowinski wrote that e-mail is one of the areas most vulnerable to cyberattacks within enterprises, highlighting the importance of products from Proofpoint (PFPT) - Get Report, which specializes in providing security for e-mail systems. The company's revenue growth is likely to accelerate as the number of email-based attacks increase, added the analyst. Nowinski believes that the stock's valuation remains attractive and kept a $65 price target and Overweight rating on the shares.
OTHERS TO WATCH: Barracuda (CUDA) and FireEye (FEYE) - Get Report also provide e-mail security products. Other publicly traded companies in the space include Check Point (CHKP) - Get Report, F5 Networks (FFIV) - Get Report, Fortinet (FTNT) - Get Report, Imperva (IMPV) - Get Report, Palo Alto (PANW) - Get Report, Qualys (QLYS) - Get Report and Symantec (SYMC) - Get Report.
WHAT'S NOTABLE: Also of note in terms of industry news, Singtel announced it has signed an agreement to acquire a 98% equity interest in Trustwave, a specialist in managed security services. The aggregate consideration for the transaction is approximately $810M for Singtel’s 98% equity interest, excluding net debt, and is subject to working capital adjustments at closing.
PRICE ACTION: In mid-morning trading, Proofpoint rose 3.5% to $60.37, Barracuda gained 1% to $41, FireEye climbed 2.9% to $41, Check Point added 0.6% to $84.50, Imperva climbed 2.8% to $45, and Qualys surged 6% to $52.
Reporting by Larry Ramer.
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