NEW YORK [News.com/Reuters] (4.23.98)--Israel's Check Point Software
Technologies dropped in heavy trade today after Microsoft warned it
would compete with the network security company.
Check Point fell 5-7/8, or 14.3 percent, to 35-1/8 in mid-morning.
Volume was four times normal daily levels, and the shares were among
the most active on the Nasdaq exchange.
Traders and analysts said Check Point was hurt by comments from
Steve Ballmer, Microsoft's executive vice president, that the
software giant was ready to compete with Check Point in the
network security software market.
"That's always been the worry with Check Point--that one of the
big boys would enter the market," a trader said.
Israel's Globes business newspaper quoted Ballmer as telling an
audience in Tel Aviv that Microsoft was starting to develop
products that would soon compete with Check Point.
He said Check Point should coordinate development of its products
with Microsoft if it wanted to avoid direct competition.
"If they want to cooperate, to create products for our platforms,
we will be happy to tell them our plans," Globes quoted Ballmer as
saying in its Tuesday edition.
"If they wish to compete, they are invited to compete with us,"
Ballmer said.
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Received on Thu Apr 23 17:05:55 1998