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TWST: Please give us an overview of your coverage in the Internet security
space.
Mr. Ives: On the security front, we cover the larger vendors - the suite players
such as McAfee (MFE) and Symantec (SYMC). We also cover the pure play vendors
that focus on more niches within the security software food chain, such as VASCO
(VDSI), Secure Computing (SCUR), SafeNet (SFNT), Aladdin (ALDN), as well as a
larger vendor like Check Point (CHKP), which is a firewall vendor. TWST: What's going on in the security marketplace at this point?
Mr. Ives: To some extent, it has been a roller coaster year for investors in
security software. In the March quarter, you had a lot of disappointments and a
lot of the stocks reacted accordingly, but a lot of investors threw in the white
towel in a lot of those names, as there were a lot of disappointments across the
board. But I think the seasonality was just a bit more pronounced.
June and September were pretty good quarters with a few exceptions. I think a
lot of these companies have taken some big steps out of the investor penalty
box, and investors have looked at these names opportunistically.
Tickers included in this excerpt: ALDN, MFE, MSFT, SYMC
For more information call (212) 952 7433. The
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