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Symantec Corporation Message Board

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  • As_the_world_turns As_the_world_turns Jan 22, 2004 1:47 PM Flag

    Surprised to see it sell off

    SYMC's quarter was boosted by $37 million in revenues and $15 million in profits by the weakness of the dollar. This is not going to happen every quarter.

    Without that boost, SYMC would have barely met their estimates. Of course, the dollar has fallen more quickly this year, so SYMC can expect a big bump this current quarter too.

    However, some analysts claim that SYMC missed their enterprise revenue targets. In other words, SYMC's consumer business was so robust that it overcame the weakness of its enterprise business. To quote an analyst:

    "Symantec's enterprise security business benefited from exchange rates, Piper Jaffray analyst Gene Munster said in a note Thursday. But he was surprised that enterprise security sales of $186.7 million fell short of his $202 million estimate.

    Retail box sales combined with favorable exchange rates drove the upside in the consumer business, Munster said"

    Unfortunately, there is a massive threat to SYMC's consumer business from MSFT. JT was really ticked off in the CC when the UBS analyst mentioned MSFT's imminent entry into the AV business. When MSFT enters the AV business (it may only enter the consumer business), SYMC will feel the heat.

    Though I am net long SYMC and hope and wish that the company prospers, I think that $42+ is quite rich and will sell out all my positions by selling in the money covered calls.

    Overall, I am not surprised that SYMC is selling off. Nor am I displeased since I am adding to my positions.

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