ISS Group, the parent company of Internet Security Systems, reported blow-out first-quarter earnings of $15,986,000 (US$) on Thursday — a 163 percent increase over a year ago. ISS Group stock rocketed more than 25 percent, closing up 13-11/16 to 67-15/16 after the news. The trading volume of 2,828,100 on Thursday was nearly eight times the average volume for the stock.
Internet Security Services is a leading developer of security software for e-commerce businesses. ISS Group was upgraded from ‘neutral’ to ‘buy’ by Brown Brothers after the news. Even more notable is that Goldman Sachs upgraded the stock from ‘buy’ to its ‘recommended’ list. This came just one day after Goldman upgraded the stock from ‘outperform’ to ‘buy’.
Earlier this month, ISS Group announced a 2-for-1 stock split that will be payable after the close of business on May 19 to shareholders of record as of May 5.