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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked

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To: Tim Luke who wrote (41736)	5/18/1999 9:41:00 AM
From: S Wilks	of 90042

(CHKP:Nasdaq) Keep an eye on Check Point Software From thestreet.com/ Herb Greenberg The firewall-software company's profits and stock have been ablaze of late. Now I'm hearing chatter that Check Point, because of its success, is a sitting duck to be acquired and that Cisco (CSCO:Nasdaq), of all companies, could be the buyer. True? You wouldn't know it talking to Jerry Ungerman, Check Point's executive VP. He declined to discuss takeover rumors but did say, "If you find out what's going on, give me a call." Ungerman says he believes the recent activity surrounding Check Point -- which has leaped 22% in the past two weeks -- has more to do with his company's performance and a delayed reaction to its earnings than anything else. He says he recently returned from an industry trade show and in recent weeks has met with analysts. "My impression is our story makes a lot of sense to them," he says. He adds that from Check Point's vantage, there has been "a clear separation of business models" between Check Point and the likes of Network Associates (NETA:Nasdaq) (Arf!) and Secure Computing (SCUR:Nasdaq) (Arf! Arf!). These businesses haven't fared as well in the Internet security biz, especially in the rapidly growing market for virtual private networking, which (among other things) helps companies create secure Intranets. But some analysts believe the firewall biz is becoming a commodity biz, which brings us to the question of independence: Has Cisco decided it's time to go shopping to broaden its Internet security offerings? Short of saying that Check Point is one of his company's firewall competitors, a Cisco spokesman declined comment. And this FYI: Cisco itself just announced its own virtual private networking product. Wouldn't buying a competitor so soon after rolling out its own product suggest its own product is no good? One would think. Good Luck Everyone

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