Fortinet's 3.65% Plunge Slides to 325th in U.S. Equity Volume Rankings Amid Cybersecurity Jitters

Fortinet (FTNT) fell 3.65% on October 10, 2025, with a trading volume of $0.38 billion, ranking 325th among U.S. equities. The decline follows mixed signals in cybersecurity sector sentiment amid broader market volatility. Analysts noted the stock's sensitivity to macroeconomic shifts, particularly in enterprise IT spending cycles. Recent regulatory scrutiny over data privacy frameworks has also weighed on investor confidence in the sector, though Fortinet's product roadmap remains largely unchanged.

Market participants observed that Fortinet's underperformance aligned with broader defensive positioning trends. The stock's liquidity profile showed resilience despite the decline, with institutional outflows moderate compared to peers. Short-term technical indicators suggest potential for consolidation below key support levels, though long-term fundamentals remain intact due to sustained demand for network security solutions in hybrid work environments.

To ensure the back-test matches exactly what you have in mind, could you please help me confirm a few details about the design? Market universe: Are we looking at all U.S. common stocks (NYSE + NASDAQ), or a different market/universe? Ranking metric: "Top 500 by daily trading volume" – do you want to rank by raw share volume or dollar volume (shares × price)? Portfolio construction: Weighting scheme: equal-weight each of the 500 names, or weight by something else (e.g., proportional to volume)? Rebalancing/turnover: buy at today’s close, sell at tomorrow’s close (i.e., 1 trading-day holding period)? Trading frictions: Should we include transaction costs or slippage? If so, what assumptions would you like (e.g., 2 bp per trade)? Data coverage: Start date: 2022-01-03 (first trading day). End date: 2025-10-10. Is that acceptable? Once I have these points confirmed, I’ll generate the data-gathering and back-testing plan and run the analysis.