Stocks End the Day Mixed to Start Busy Week

The stock market closed mixed on Monday, kicking off a busy week of economic news.

Investors braced for Federal Reserve Chair Jerome Powell congressional testimony on Tuesday and Wednesday, which is seen to guide investors and lawmakers. In addition, February’s jobs report will be out on Friday.

Overall, S&P 500 was up 0.1% to 4,048, while NASDAQ fell 0.1% to 11,676.

Tweet of the Day

Chart of the Day

Here is the one-year chart of Fortinet (FTNT) as of February 22, 2023, when the stock was at $60.

Fortinet is one of our favorite cybersecurity stocks. And the stock proved its worth when it broke out after the company reported last qtr’s earnings. FTNT delivered 76% profit growth last qtr, as sales rose a solid 33%. Revenue grew 33% as billings (future revenue) grew 32%.

The company landed some big clients last qtr as $1 million deals jumped 48% year-over-year to 181. Analysts were impressed with the qtr, as other cybersecurity companies have talked about elongated sales cycles and budget scrutiny. Fortinet responded by stating demand is still pretty strong as the company has a better cost solution.

FTNT is part of the Growth Portfolio. This stock just broke out after the company reported earnings, and that is a bullish sign.

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