An Alphabet spinout announced its first new cybersecurity product, and competitor Splunk's stock fell 5% (SPLK)

On Monday, Chronicle — a subsidiary of Google parent company Alphabet — announced a cybersecurity product called Backstory.Splunk, which offers a similar product, saw its stock down 5% at the time of close on Monday.
Last week, Splunk beat Wall Street's expectations for its quarterly earnings.
Chronicle began its life at the Google X labs before getting spun out on its own. On Monday, Chronicle — a subsidiary of Google parent company Alphabet — announced B