Group 1 - Pinduoduo's stock fell by 1.4%, while Fortinet's stock dropped by 2.8% due to a government directive for domestic companies to cease using security software related to the US and Israel [1] - Wells Fargo's stock declined by 2.7% as net interest income (NII) impacted Q4 revenue, and layoffs pressured annual profits [1] - Rivian's stock decreased by 3.3% following a recall of over 19,000 electric vehicles in the US [1] Group 2 - Netflix's stock rose by 1.4% as the company considers a cash-only acquisition of Warner Bros. Discovery [1] - Trip.com Group's stock plummeted by 17.1% as market regulators launched an investigation into the travel website [1]

Core Viewpoint - Fortinet is actively participating in the World Economic Forum Annual Meeting to address global cybercrime challenges and promote strategies for accountability and deterrence in the cybersecurity landscape [1][4][10] Group 1: Fortinet's Role and Initiatives - Fortinet is a founding member of the World Economic Forum's Centre for Cybersecurity and is involved in various initiatives aimed at combating cybercrime, including the Cybercrime Bounty program [1][3] - Derek Manky, Chief Security Strategist at Fortinet, will present on incentivizing intelligence sharing and collaborative efforts to disrupt the cybercrime ecosystem during the forum [2][5] - The Cybercrime Bounty program is highlighted as a key initiative to disrupt the growing cybercrime market, emphasizing the importance of building alliances across sectors [2][3] Group 2: Economic Impact of Cybercrime - The annual losses from cybercrime are estimated to exceed $11 trillion, with the rise of AI-enabled cybercrime exacerbating the situation [5] - Organizations are facing an increasing number of tailored cyberattacks, necessitating collaborative approaches to enhance cybersecurity resilience [5][10] Group 3: Forum's Objectives and Discussions - The World Economic Forum Annual Meeting aims to foster dialogue among leaders from various sectors to address shared challenges and promote innovations for a better future [6][8] - Key discussions will focus on the paradigm shift in technology and its implications for cybersecurity, emphasizing the need for trust and collaboration [9][10]

Core Viewpoint - Fortinet (FTNT) is identified as the most attractive cybersecurity stock in the market due to its industry-leading margins, competitive growth, and aggressive share count reduction, while competitors are seen as dilutive and trading at higher valuations [1] Company Analysis - Fortinet has a growing ecosystem and is focused on shareholder-friendly capital allocation through buybacks and dividends [1] - The company is positioned to benefit from strong secular tailwinds, indicating a long-term growth runway [1] Investment Philosophy - The investment philosophy emphasizes accumulating quality compounders at a discount, with a focus on sustainable wealth built through long-term compounding rather than speculative investments [1] - The methodology involves deep fundamental analysis to identify asymmetric risk opportunities where the market may misunderstand a company's competitive advantages or future prospects [1] Market Position - Fortinet is compared favorably against competitors, which are trading at higher valuations and are considered dilutive [1] - The company is highlighted for its ability to maintain industry-leading margins while growing its market presence [1]

Core Viewpoint - Hays is presenting its Q2 2026 results, indicating a focus on financial performance and strategic direction for the upcoming year [2]. Group 1: Company Overview - Kean Marden serves as the Head of Investor Relations and M&A, highlighting the company's commitment to engaging with investors [2]. - James Hilton, the Chief Financial Officer, is also involved in the presentation, suggesting a collaborative approach to financial reporting [2]. Group 2: Conference Details - The conference is being recorded, and a replay will be accessible, indicating transparency and availability of information for stakeholders [3]. - Forward-looking statements will be made during the call, based on current expectations and assumptions, which may influence investor perceptions [3].

Core Viewpoint - China has mandated that domestic companies refrain from using software developed by several U.S. cybersecurity firms [1] Group 1 - The directive affects a range of U.S. cybersecurity companies, indicating a significant shift in China's approach to cybersecurity and foreign technology [1] - This move may impact the operations and market presence of the affected U.S. companies within China [1] - The decision reflects ongoing tensions between the U.S. and China regarding technology and cybersecurity issues [1]

Group 1 - Citigroup raised the target price for CrowdStrike from $595 to $610 [1] - Citigroup increased the target price for Fortinet from $83 to $85 [1]

Group 1: Fundsmith Equity Fund Performance - Fundsmith Equity Fund's T Class Accumulation shares returned 0.8% in 2025, underperforming the MSCI World Index which returned 12.8% [1] - Since inception, the fund has outperformed the index by 1.7% per annum [1] - The underperformance in 2025 is attributed to index concentration, growth of assets in Index Funds, and weakness in the dollar [1] Group 2: Fortinet, Inc. Overview - Fortinet, Inc. (NASDAQ:FTNT) is a global provider of cybersecurity and networking solutions [2] - The stock experienced a one-month return of -4.62% and a 52-week loss of 14.95% [2] - As of January 12, 2026, Fortinet's stock closed at $78.66 with a market capitalization of $60.274 billion [2] Group 3: Fundsmith's Investment in Fortinet - Fundsmith Equity Fund purchased Fortinet shares after a decline from previous highs related to Covid revenue growth [3] - Recent disappointments regarding over-hyped revenue potential from a renewal cycle have affected Fortinet's stock performance [3] Group 4: Fortinet's Financial Performance - In Q3 2025, Fortinet's total revenue grew by 14% year-over-year to $1.72 billion [4] - Fortinet is not among the 30 most popular stocks among hedge funds, with 44 hedge fund portfolios holding its shares at the end of Q3 2025, down from 46 in the previous quarter [4]

Core Insights - Evercore strategists are analyzing which stocks are likely to experience significant price increases as companies release their financial results [1] Group 1 - The focus is on identifying stocks that may jump in value during earnings announcements [1]

Core Insights - D&H has formed a significant partnership with Fortinet, integrating its security suite into the D&H Advanced Solutions+ ecosystem, enhancing opportunities for U.S. channel partners [1][3] - The partnership aims to empower various types of partners, including VARs, CSPs, MSPs, MSSPs, and enterprise-focused solution providers, by providing access to technology, expertise, and resources necessary for client support across all market segments [1][3] D&H FWD Enablement Program - D&H is launching the FWD (Forward) enablement program to help partners master and monetize Fortinet's advanced security technologies, designed to accelerate business growth and establish market leadership [2] - Key benefits of the FWD program include structured training paths, hands-on technical workshops, dedicated Fortinet expertise, and comprehensive go-to-market resources [6] D&H's Position and Strategy - D&H is recognized as a leading technology distributor in North America, catering to a wide range of organizations from SMBs to enterprises, and is focused on delivering innovative IT solutions [4] - The company emphasizes a "Built for Growth" mindset, providing customized services and consultative support to help partners capitalize on market opportunities [5]

Sunnyvale, California-based Fortinet, Inc. (FTNT) is a cybersecurity company that provides a broad portfolio of network security solutions designed to protect enterprises, service providers, and government organizations from evolving cyber threats. Valued at a market cap of $58.9 billion, the company is scheduled to announce its fiscal Q4 earnings for 2025 after the market closes on Thursday, Feb. 5. Ahead of this event, analysts expect this cybersecurity company to report a profit of $0.66 per share, do ...