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Zeroing in On FireEye

FireEye, a maker of malware detection systems, has gotten to the point where it may be prone to a takeover assault.

The $2.2 billion cybersecurity company's shares sank 19 percent to $12.96 apiece as of Friday afternoon after FireEye named a new CEO and lowered its second-quarter earnings and revenue guidance. Now its depressed valuation -- with the stock sinking back toward the all-time low of $11.96 reached in February and its market value down more than 80 percent in the past two years -- may turn the company into a target.

FireEye's technology can prevent events like Target's 2013 data breach, when hackers laid claim to information on as many as 40 million credit cards. The company -- which has yet to post a profit -- is expected to finally do so by 2018, partly by containing costs.

If that doesn't play out as expected, the chorus of voices agitating for the company to consider M&A -- or a...