Network Security & SASE

International Business Machines announced a new collaboration with Zscaler and Red Hat to tighten application security for enterprise clients. The joint effort combines IBM and Red Hat software platforms with Zscaler threat intelligence to provide real-time protections at the application layer. The partners plan to coordinate vulnerability discovery, automated policy updates, and validated software remediation workflows for shared customers. International Business Machines is a US-based IT group with a reported market value of about $214.0 billion, and its integrated solutions and services span the Americas, Europe, the Middle East, Africa and the Asia Pacific. One figure to watch is how much of IBM's reported US$24.6b of annual recurring revenue comes from security and hybrid cloud offerings connected to Red Hat and Zscaler style deployments.

As unauthorized access to companies surges, electronics giants offering cyber defense services are receiving a flood of consultations and inquiries. In September, Hitachi launched a service that uses advanced AI models from U.S. firms such as Anthropic and OpenAI to provide end-to-end support spanning risk assessment, monitoring, and recovery. Fujitsu announced its cyber defense strategy in late August, and inquiries from client companies have poured in since then, increasing further in recent days, prompting it to establish a specialized organization of about 100 people effective October 1. NEC began offering a service in late September for financial institutions, manufacturers, and distributors that uses AI to automatically analyze risks and formulate response policies. Each company is strengthening its systems in anticipation of sophisticated AI-driven cyberattacks, and demand appears set to keep expanding.

Zscaler reaffirmed its fiscal 2027 outlook, guiding first-quarter revenue to about US$935 million to US$939 million and full-year revenue to roughly US$3.91 billion to US$3.94 billion, while outlining a long-term ambition for much higher annual recurring revenue. The company also announced a collaboration with IBM and Red Hat aimed at protecting private applications during the gap between vulnerability disclosure and patching. The reaffirmed guidance supports Zscaler's near-term execution story, though slower expected revenue growth remains a key risk if competition tightens or deal cycles lengthen. Zscaler's narrative projects US$5.3 billion in revenue and US$178.4 million in earnings by 2029, requiring 16.6% yearly revenue growth and a US$241.6 million earnings increase from negative US$63.2 million today. More cautious analysts assume revenue of about US$5.2 billion and earnings near US$16 million by 2029, a more restrained view of how quickly Zscaler's newer security pillars could scale.

Cisco Systems closed fiscal 2026 with $9.3 billion in hyperscaler AI infrastructure orders, about 4.5 times fiscal 2025, and roughly $4 billion in related revenues, and now expects hyperscaler AI revenues to reach $7.5 billion in fiscal 2027. For fiscal 2027, Cisco projects revenues of $72.2-$73.4 billion and non-GAAP earnings of $5.05-$5.11 per share, while for the first quarter of fiscal 2027 it expects revenues between $18 billion and $18.2 billion, non-GAAP earnings of $1.32-$1.34 per share, a non-GAAP gross margin of 65-66% and an operating margin of 35.5-36.5%. In the fourth quarter of fiscal 2026, networking product orders rose 40% year over year, the eighth straight quarter of double-digit growth, and company-wide orders excluding hyperscalers rose 25%. Cisco won three new hyperscaler designs in the quarter, covering a P200 scale-across system, a G200 scale-out system and an optical line system, with fiscal 2026 hyperscaler AI orders about 60% Silicon One-based systems and 40% optics, while Acacia generated more than $1 billion in orders in the last reported quarter. Security revenues increased 14% year over year in the fourth quarter of fiscal 2026, with firewall orders up more than 30% for the second consecutive quarter, and Cisco expects security growth to move from low single digits in fiscal 2026 to high single digits in fiscal 2027 and reach double-digit growth as the year progresses.

Cloudflare has become a public Certificate Authority, issuing post-quantum ready TLS certificates to external organizations. The company also introduced Basin, an open-source serverless data platform designed to handle application data without dedicated infrastructure management. In addition, Cloudflare entered a major partnership with Deutsche Telekom to offer joint security and connectivity services to enterprise clients across Europe. The moves extend Cloudflare beyond protecting and accelerating traffic into owning key trust primitives and a neutral, open data layer, in contrast to more closed ecosystems at players like Amazon or Microsoft. The Deutsche Telekom tie-up deepens enterprise penetration through large multi-product deals while testing a flagged risk around customer concentration and execution at scale.

CyberFOX has acquired Optimize365, adding continuous Microsoft 365 tenant monitoring and hardening to its existing portfolio of privileged access management, password management, AI-powered DNS filtering, and Zero Trust Network Access. The acquisition extends CyberFOX's coverage from endpoints, privileged access, credentials, and web traffic into the Microsoft 365 environment, letting IT teams continuously identify configuration drift, prioritize high-risk changes, and automate remediation. Optimize365 will continue to operate under its own brand within the CyberFOX portfolio in the near term, with no disruption to service, support, or contracts for existing partners and customers, and CyberFOX plans to integrate it into its partner program and product roadmap over the coming quarters. The deal follows CyberFOX's nine-figure growth investment led by Level Equity and Radian Capital in February 2026 and its acquisition of SASE provider Timus Networks in June 2026. CEO David Bellini said the goal is to protect the full access attack surface without adding more complexity, while Chief Revenue Officer Adam Slutskin called the move a natural extension of the company's mission to serve lean IT teams.

Siam Cement, or SCC, is drawing close attention after its share price jumped sharply on expectations of a major deal in the petrochemical business. CEO Thammasak Sethaudom said that on October 29, 2026, the company will disclose details of the JV structure between SCGC and PTTGC in the olefins and polyolefins business, covering both the transaction steps and the benefits of the deal. Although SCC's total revenue may decline, net profit, cash flow and EBITDA are likely to rise on better margins and synergies, while reducing duplication and costs and strengthening raw material supply. On the telecom side, Samart Telcom, or SAMTEL, has positive news, with CEO Jong Diloksombat moving ahead through Cycare Info Co., Ltd., an indirect subsidiary, after signing a contract with the IEAT worth 146.20 million baht for a project to establish a cyber operations center and data backup center, or DRC, at the SMART PARK industrial estate. Delivery is scheduled by April 27, 2027, adding to the backlog and supporting the cybersecurity theme. AssetWise, or ASW, is pressing ahead with business expansion after 39 Estate, in which ASW holds a 99.99% stake, acquired Chewathai Estate 3 from CHEWA, with the deal completed on October 6, 2026. ASW Chief Executive Officer Kamchet Wiphanpong is continuing to build on the real estate business, while CHEWA focuses on increasing cash flow amid liquidity concerns. A bondholders' meeting on October 7, 2026 has key agenda items including a waiver of default, an extension of the redemption date and adjustments to early redemption conditions. Kitti Ngamjettanarom, head of the technology executive team at AIS, Advanced Info Service Public Company Limited, or ADVANC, believes the new-era network must move from a connectivity grid to a National Intelligent Infrastructure offering speed, stability, security and the ability to handle real-time data. AIS is moving ahead under its WISE Framework after launching 5G-ADVANCED, particularly Uplink 2CC, which now covers 100% of Bangkok, making the Thai capital the world's first capital city with citywide 5G-ADVANCED Uplink coverage. It also boosts upload speeds by up to two times and is expanding to all 77 provincial capitals, while Downlink 3CC, which combines the 2600, 700 and 2100 MHz bands, raises download speeds by up to 1.5 times and targets full Bangkok coverage by the end of 2026. On the investment side, Jirapaiboon Rattanaphanurak, Head of Wealth Research & Advisory at CIMB Thai Bank, or CIMBT, sees the fourth quarter of 2026 market facing pressure from inflation, oil prices and higher US bond yields, but still believes the market can cope thanks to strong listed-company earnings and momentum from AI investment. CIMBT has therefore upgraded its weighting on US and non-Japan Asian equities to Overweight and recommends a Barbell strategy combining Quality Growth stocks that benefit from AI with quality fixed income and alternative assets.

Cisco Systems has added Quantum XChange's post quantum cryptography solution to the Cisco Networking App Marketplace, offering quantum safe key management that plugs directly into Cisco networking equipment. The company said this is the first FIPS validated post quantum cryptography product available through its marketplace. The integration lines up with Cisco's push to embed more security functions inside the network itself and with its focus on secure AI infrastructure, including projects such as the Bell Canada sovereign AI platform for regulated workloads. The key proof point going forward is customer adoption of Cisco's quantum safe and AI security offerings, particularly in government and regulated sectors, with upcoming quarterly reports and customer case studies as the places to watch for references to quantum resistant deployments on existing Cisco hardware and to new deals tied to sovereign or high sensitivity AI projects.

Zscaler announced a new partnership with IBM and Red Hat to help secure private applications during active vulnerability windows. The collaboration combines Zscaler's Autonomous Application Shield with IBM and Red Hat remediation tools to deliver application-specific protections, while Lightwell supplies validated open source fixes. The joint solution targets real-time safeguards against exploitation attempts, including those using AI-powered and opportunistic attack methods. Zscaler, a US software provider with a market cap of $32.9b, runs a cloud-based security platform that inspects traffic and enforces access rules for enterprises worldwide. The company said the key markers ahead are early access adoption of Autonomous Application Shield with Lightwell by large enterprises and any contribution to annual recurring revenue tied to application shielding and AI-driven response.

Samart Telcoms Public Company Limited, or SAMTEL, announced that Secure Info Company Limited, or SCI, an indirectly held subsidiary through Samart Comtech Company Limited with a 99.99% stake, signed a purchase agreement for equipment and devices for the project to establish a cyber operations center and data backup center, known as the Digital Resilience Center, or DRC, at the SMART PARK Industrial Estate office of the Industrial Estate Authority of Thailand, or IEAT, on September 29, 2026. The total project value is 146.20 million baht, including value-added tax. Delivery is scheduled for completion by April 27, 2027, with payment terms divided into five installments based on completed work progress.

Stifel raised its price target on Zscaler Inc to $235 from $200 on Tuesday and maintained its Buy rating, citing the cybersecurity firm's first analyst day since 2021. At the event, Zscaler management outlined its strategy, broader product lineup, go-to-market priorities and mid-term financial model, and made a strong case for both securing AI and using AI to improve security, the analysts said. The biggest surprise was a fiscal 2031 annual recurring revenue target: Zscaler gave a base case of more than $8 billion in ARR, a 17% compound annual growth rate, and an upside case of $10 billion, or 22% growth, on AI tailwinds. Stifel said the base case looked achievable and was in line with fiscal 2027 guidance, while the upside case would require a reacceleration in growth that the brokerage said was possible but not something it was underwriting yet. Profitability targets were largely in line with expectations, with Zscaler guiding to a fiscal 2031 operating margin of 27% to 30% and a free cash flow margin of 29% to 32%, and management reaffirmed its first-quarter and full-year fiscal 2027 targets, which the analysts called a positive after the recent change in chief revenue officer. Stifel said Zscaler may have set a higher bar with the $10 billion target, but it left the event more positive on the company's market opportunity, which management pegged at $220 billion.

The First Trust Cybersecurity ETF (CIBR) reached an all-time high on Monday as the tech-heavy Nasdaq Composite (^IXIC) notched a fresh record, with the fund's main holdings CrowdStrike (CRWD), Palo Alto Networks (PANW), and Fortinet (FTNT) all sitting near all-time highs after surging 132%, 131% and 97%, respectively. Rubrix (RBRK), F5 (FFIV), and Cloudflare (NET) also sit near record highs after a strong rally this year. Alarm bells from leadership at Anthropic and OpenAI prompted a rally in cybersecurity stocks last month, and the surge in AI agent usage and the popularity of Meta's (META) Muse have also highlighted the need for the industry. "Agents going rogue is the biggest risk today," Jay Chaudhury, CEO of Zscaler, told Yahoo Finance's Brian Sozzi on Monday, adding that a hijacked or rogue agent on a corporate network is far more dangerous because it works at machine speed. Morgan Stanley analysts, who have Overweight recommendations on Palo Alto Networks, CrowdStrike, and Okta (OKTA), expect corporate spending on cybersecurity software to grow by 23% annually through 2028, potentially accelerating to 33% annually if major cyberattacks spur new government mandates.

Quantum XChange announced it has joined the Cisco Networking App Marketplace as a Cisco Technology Partner, listing its Phio TX-EM containerized post-quantum cryptography key management application in the Marketplace catalog. The listing makes Phio TX-EM the first FIPS-validated post-quantum cryptography solution available in the Marketplace, giving Cisco customers, sellers, and channel partners worldwide a direct path to quantum-safe networking on their current Cisco infrastructure. Phio TX-EM is a virtualized container application that runs natively on Cisco SKIP-enabled devices supporting third-party containers, including the Cisco Catalyst 8000 Series products and Nexus switches, and it is FIPS 140-3 Level 2 and FIPS 203 validated. Tom Butta, Chief Commercial and Marketing Officer at Quantum XChange, said federal mandates and industry timelines are landing ahead of most hardware refresh cycles, and that Phio TX-EM delivers quantum-safe keys through Cisco's SKIP API with no added hardware, no downtime, and no additional performance impact. The application is listed now in the Cisco Networking App Marketplace.

Zscaler founder and CEO Jay Chaudhry warned that companies and individuals are placing too much trust in AI agents, saying on Yahoo Finance's Sozzi Unleashed that agents should be given only limited trust for certain applications and services. Chaudhry, whose company carries a $33.9 billion market cap, said frontier AI models can find security vulnerabilities in websites, firewalls, VPNs and load balancers, break in, and move freely across corporate networks. A new Deloitte survey found that about 80% of organizations currently lack mature governance capabilities for agentic AI, including clear boundaries on independent decisions, real-time monitoring of agent behavior, and audit trails of agent actions. Chaudhry said he plans to share a more detailed product roadmap to combat AI agent risk at an investor day on Tuesday, the company's first since 2021. He called agents going rogue the biggest risk today, noting they operate at machine speed with no breaks and can exfiltrate confidential data or bring systems down.

Fortinet shares have climbed 119.9% over the past six months, and the company's second-quarter 2026 results and raised full-year guidance suggest the rally rests on fundamentals rather than speculation. In the second quarter of 2026, revenues rose 26% year over year to $2.05 billion, product revenues jumped 52% to $773 million, and billings climbed 33% to $2.37 billion, while the newly framed SASE Firewall business grew 34% to more than $2 billion. Management raised its 2026 revenue outlook to $8.02-$8.18 billion from a prior $7.71-$7.87 billion, implying 19% growth at the midpoint, and lifted billings guidance to $9.35-$9.55 billion, non-GAAP operating margin to 35-37%, and non-GAAP earnings to $3.41-$3.47 per share. Fortinet also acquired Virtue AI on Aug. 17, 2026, was named a Leader in the 2026 Gartner Magic Quadrant for Hybrid Mesh Firewall on Sept. 10, and opened a New York City Innovation Hub on Sept. 15 with an investment of more than $60 million, while second-quarter free cash flow more than tripled year over year to $966 million and Moody's upgraded its debt rating to A3. The stock trades at a forward 12-month price-to-earnings ratio of 48.59 versus the sector's average of 21.33, and Fortinet will report third-quarter 2026 results on Oct. 28.

Cloudflare has entered a strategic partnership with Deutsche Telekom under which the German carrier will add Cloudflare's security and connectivity solutions to its enterprise portfolio and the two companies will directly connect their networks. Deutsche Telekom will also train and certify its professionals on the Cloudflare platform through T-Systems, giving customers support for consulting, implementation and managed security services. The deal covers protection of applications, networks and data as well as AI workloads, and the companies plan to work on digital resilience and sovereignty in Europe, including protection of critical data and infrastructure and the use of post-quantum cryptography. The Zacks Consensus Estimate for Cloudflare's 2026 and 2027 revenues indicates year-over-year growth of 32.5% and 28.6%, respectively. Cloudflare shares have jumped 77% in the year-to-date period compared with the Zacks Internet – Software industry's return of 9.9%, and the stock trades at a forward price-to-sales ratio of 35.28 versus the industry's average of 4.42.

Netskope shares have climbed about 24.5% since its last earnings report, outpacing the S&P 500, after the company posted second-quarter fiscal 2027 revenue of $220.5 million, up 29% year over year and above guidance. The company reported a non-GAAP loss of 3 cents per share, an improvement from a loss of 6 cents a year earlier, while annual recurring revenue reached $899 million, up 27%, and remaining performance obligations hit $1.35 billion, up 36%. Netskope raised its full-year fiscal 2027 revenue guidance to a range of $888 million to $892 million, roughly 26% growth, up from a prior range of $879 million to $883 million, and guided third-quarter revenue to $227 million to $229 million, about 24% growth. Management pointed to AI Security as the fastest pipeline build in company history, with roughly one-third of that pipeline in or entering the proof-of-concept phase, and said about 50% of sales representatives are still new or ramping, positioning the company for accelerated net new ARR in the second half. The company ended the quarter with approximately $1.1 billion in cash, cash equivalents and marketable securities, and carries a Zacks Rank #2 (Buy).

Zscaler released its ThreatLabz 2026 Ransomware Report on 1 October 2026, detailing new attack patterns including large-scale AI-driven ransomware operations that automate intrusion, data theft, and victim targeting. Researchers reported a rise in executive-focused data theft and misuse of enterprise tools such as Microsoft Teams to gain access. The report reinforces Zscaler's narrative that AI-driven threats are expanding and that security budgets are shifting toward Zero Trust and data protection, though it does not address whether the company can convert that awareness into larger multi-year contracts and improved net retention without higher sales and operating costs. Investors will be watching how management frames AI ransomware trends at the October 6, 2026 Investor Day and whether disclosures around Z-Flex, Security for AI, and Agentic SecOps show measurable traction in annual recurring revenue and product adoption within Global 2000 accounts.

The global industrial control system security market is projected to grow from $17.91 billion in 2026 to $38.48 billion by 2031, a 16.5% compound annual growth rate, according to a new report added to ResearchAndMarkets.com. Within that total, the solutions segment is expected to hold the largest share, while the power vertical is forecast to grow fastest and Asia Pacific to be the fastest-growing region. Growth is driven by IT-OT convergence, Industrial Internet of Things adoption, smart manufacturing, wireless industrial communications, and rising cyber threats to critical infrastructure. Cisco, Fortinet, Palo Alto Networks, Honeywell, and Nozomi Networks are among the vendors profiled, with Cisco, Fortinet, and Palo Alto Networks expanding OT-native security capabilities. The 446-page report covers offerings, solutions, services, verticals, and regions, and notes NERC CIP standards as a driver of power-sector investment.

Bell Canada and Cisco announced a memorandum of understanding in late September 2026 to build a sovereign AI infrastructure platform in Canada, pairing Bell's domestic data centres and networks with Cisco's AI, security, observability, and Sovereign Critical Infrastructure technologies for customers with strict data residency and control needs. The partnership sits alongside Cisco's US$9.3b in hyperscale AI infrastructure orders for FY26 and US$7.5b of expected related FY27 revenue, extending the same AI networking and security capabilities toward government and regulated workloads. Cisco's investment narrative projects $83.4 billion in revenue and $20.1 billion in earnings by 2029, requiring 9.6% yearly revenue growth and a $6.8 billion earnings increase from $13.3 billion today, with a $137.25 fair value estimate implying 28% upside. Some of the most optimistic analysts see Cisco reaching about US$90.6b in revenue and US$23.0b in earnings by 2029, while other fair value estimates put the stock as low as $110.56. The MOU reinforces the AI and regulated-sector demand story but does not materially change the near-term gross margin headwind or the risk that investors reassess Cisco's growth and earnings multiple.

VIAVI Solutions Inc. introduced the CyberFlood CF50, which it calls the industry's smallest and lightest all-in-one platform for enterprise-scale application performance, security, AI inference and large-language model testing up to 100G. The 1U appliance also features the industry's lowest power consumption and highest TLS performance with native PQC support, delivering TLS performance 1.75X that of the nearest competitor. The CF50 combines realistic Layer 4-7 traffic generation, security assessment and AI inference testing in a portable, power-efficient platform aimed at network equipment manufacturers, systems integrators and service providers. It includes an easy-to-use web interface with no requirement for an MS Windows client, plus automated goal-seeking, MITRE ATT&CK frameworks and repeatable traffic-mix testing. The CF50 joins the CyberFlood CF1000, which is targeted at large enterprises demanding the highest level of performance.

Cloudflare announced on September 15 a new Accountable designation for AI crawling alongside the launch of Disallow AI Training, a tool letting website owners block AI models from scraping their content for training while keeping it fully indexable in traditional search results. The company set compliance criteria for crawler operators, and major tech players including Apple, Google, and Microsoft have achieved or committed to the Accountable framework, while mixed-use crawlers that fail to comply face network-level blocks when a site owner enables the training block. Cloudflare reported Q2 2026 total revenue of $696.1 million, up 36% year-over-year, with a 120% net retention rate, operating cash flow of $117.6 million, free cash flow of $56.4 million, and $4.16 billion in cash, cash equivalents, and available-for-sale securities. Management guided Q3 2026 revenue to between $736 million and $737 million and full-year 2026 revenue to $2.864 billion to $2.870 billion. The company's Q2 2026 GAAP gross margin slipped to 71.8% from 74.9% a year earlier, and its GAAP operating loss widened to $205.7 million, or 29.6% of revenue, from $67.3 million, with a GAAP net loss of $170.0 million, or $0.48 per share.

Cisco Systems reported double-digit order growth across its entire security portfolio, including Splunk, in the fourth quarter of fiscal 2026, with Security revenues rising 14% year over year to $2.23 billion. More than 1,500 customers bought newer offerings such as Secure Access, XDR, Hypershield and AI Defense in the quarter, lifting total net new customers since launch to more than 6,400, while firewall orders climbed more than 30% year over year. Observability revenues, a smaller part of the business, increased 6% to $275 million in the quarter, and for the full fiscal 2026 Security revenues grew 2% to $8.23 billion while Observability revenues rose 4% to $1.10 billion. Cisco also said nearly 4,500 enterprises signed up for Cisco Cloud Control and more than 8,600 customers use Resilient Infrastructure Services powered by Cisco IQ, and it launched Antares, a family of open-weight small language models for identifying known code vulnerabilities. The company faces intensifying competition from Datadog, which has more than 750 AI customers, and CrowdStrike, whose Falcon Flex annual recurring revenue surpassed $2.29 billion, up 101% year over year. Cisco shares have appreciated 38.5% year to date, and the Zacks Consensus Estimate for earnings stands at $1.32 per share, implying 32% growth.

Cloudflare said growing enterprise interest in securing artificial intelligence agents is creating a new opportunity for its Zero Trust and SASE security business. On the second-quarter 2026 earnings call, management said the biggest reason large companies are reaching out is that they know they need to adopt AI but want to do so securely, and the company believes its agents-first security model can help it take share from traditional Zero Trust vendors that focus mainly on human users. In one example, a large U.K. government agency that was evaluating a first-generation Zero Trust provider canceled its existing request for proposal and is now reevaluating the project with an agents-first approach after discussing its AI agent plans with Cloudflare. Management said its SASE and Zero Trust platforms have gained share significantly over the past six months, helped by its developer platform and its focus on AI, while more than 50% of traffic on its network was nonhuman in the second quarter and more than 80% of major AI companies are already Cloudflare customers. Competitors are moving in the same direction: Zscaler ended fiscal 2026 with 950-plus Zero Trust Everywhere customers, up from more than 350 a year earlier, and Palo Alto Networks said Prisma AIRS crossed $100 million in ARR within four quarters of general availability with more than 800 customers by the end of fiscal 2026, while agentic traffic on its SASE platform rose ninefold over the past nine months and SASE bookings grew 40% in fiscal 2026. Cloudflare shares have jumped 77% year to date, and the Zacks Consensus Estimate for its 2026 earnings stands at $1.26 per share, unchanged over the past 30 days and implying a 35.5% increase from the previous year.

Fastly laid out a platform strategy at its September 22 Investor Day that targets $1.1 billion to $1.3 billion of revenue in 2029, a 14% to 21% annualized growth rate from 2026, alongside 67% to 71% gross margins, 20% to 22% operating margins, and 12% to 15% free cash flow margin. Shares jumped 14% after management outlined the path toward double-digit annual growth. The company said 72% of its customers now use at least two product suites, up from 58% two years ago, and 30% use four or more, up from 7%, while Q2 revenue rose 23% year over year, net revenue retention climbed to 117% from 113% in Q1, and remaining performance obligations increased 38% to $341 million. Fastly cited its own research finding AI traffic grew roughly 6.5 times faster than human traffic between January and May 2026, with more than half of AI requests requiring origin access versus less than 9% of human requests, and on September 21 it launched AI Runtime Control, AI Firewall, and new API Security capabilities. An Odd Diligence analysis of tests involving Meta's Muse assistant found Fastly in 29.3% of tests, suggesting it may play a meaningful role in some Muse agentic workloads. At the end of Q2, 28 hedge funds held Fastly, down from 41 in Q1 and 37 in Q4 2025, though D.E. Shaw increased its stake 153% to more than 6.6 million shares.