PANW, AVGO, FTNT, CHKP Stocks Decline Pre-Market As China Reportedly Bans Cybersecurity Software From US, Israeli Firms

Chinese authorities have instructed domestic companies not to use cybersecurity software from the banned companies, citing national security concerns.

The Chinese government has reportedly banned nearly a dozen U.S. and Israeli software firms, citing national security concerns.

According to a Reuters report citing sources familiar with the matter, Chinese authorities have instructed domestic companies not to use cybersecurity software from the banned companies. It’s not yet clear how many Chinese companies have received the notice.

Among those impacted are Palo Alto Networks Inc. (PANW), Broadcom Inc.’s (AVGO) VMware, Fortinet Inc. (FTNT), and Check Point Software Technologies Ltd. (CHKP), the report stated.

Shares of Palo Alto Networks and Fortinet were down by nearly 3% each in Wednesday’s pre-market trade, while Check Point shares declined 1%. Broadcom shares were down nearly 0.4% at the time of writing.

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