SYMC - Symantec Corporation

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
24.43
+0.17 (+0.70%)
At close: 4:00PM EDT
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Previous Close24.26
Open24.16
Bid0.00 x 1300
Ask0.00 x 3100
Day's Range24.00 - 24.44
52 Week Range17.43 - 26.07
Volume5,237,942
Avg. Volume9,332,253
Market Cap15.099B
Beta (3Y Monthly)1.41
PE Ratio (TTM)146.29
EPS (TTM)0.17
Earnings DateOct 30, 2019 - Nov 4, 2019
Forward Dividend & Yield0.30 (1.21%)
Ex-Dividend Date2019-08-23
1y Target Est22.75
Trade prices are not sourced from all markets
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  • Broadcom Sticks to Lowered 2019 Sales Forecast; Shares Slip
    Bloomberg

    Broadcom Sticks to Lowered 2019 Sales Forecast; Shares Slip

    (Bloomberg) -- Broadcom Inc. reported modest quarterly sales growth and reiterated a muted forecast for the rest of the fiscal year, indicating the trade war between China and the U.S. is still suppressing demand for semiconductors.Sales in the period ended Aug. 4 rose 9% to $5.52 billion, the San Jose, California-based company said Thursday in a statement. Before certain items, profit was $5.16 a share. That compares with average analyst estimates for per-share profit of $5.13 on sales of $5.52 billion, according to data compiled by Bloomberg.Broadcom said it still expects revenue in fiscal 2019 to be $22.5 billion, a lowered projection it made in June. The company no longer gives quarterly predictions and instead updates its annual target at the end of each quarter. Shares declined about 1.3% in extended trading.Chief Executive Officer Hock Tan has built a $100 billion company through a spate of acquisitions, including his purchase of part of Symantec Corp. for $10.7 billion in August. While Broadcom has one of the broadest reaches in the technology industry, that diversity hasn’t made it immune to the ongoing trade dispute between the U.S. and China and blacklisting of Huawei Technologies Co., which is hammering Tan’s semiconductor business.“We believe demand has bottomed out but will continue to remain at these levels due to the current uncertain environment,” Tan said in the statement. There’s little visibility due to the trade war and no sense of a “sharp recovery around the corner,” he added on a conference call.About half of the chips Broadcom sells are either used in China or sent through factories there on the way to becoming part of electronic devices sold around the world. Last year, Huawei accounted for about $900 million of Broadcom’s sales, Tan has said.The chipmaker’s position as a major manufacturer of components for Apple Inc. and Samsung Electronics Co. means its orders are seen as a gauge of confidence in future demand from some of the world’s largest smartphone makers. It’s also one of the leading suppliers of networking components used by large data-center operators such as Alphabet Inc.’s Google and Amazon.com Inc.’s cloud division.Tan said that there is a “seasonal uptick” in demand for phone parts because of the launch of new models from his “large North American customer,” using his typical reference for Apple. Orders at this point are typical of the buildup ahead of a phone release, and sales of the devices will determine demand in the future. Apple’s iPhone 11 goes on sale Sept. 20.Three months ago, Tan pared back his revenue forecast for the year, indicating that sales in each of the remaining quarters would be a billion dollars lighter than previously expected. That has held back Broadcom’s stock, which is up 18% this year, compared with a 39% advance by the Philadelphia Stock Exchange Semiconductor Index.In the current circumstances, the company will prioritize paying down debt over buying back shares, Chief Financial Officer Tom Krause said on the conference call. Doing so is important to retaining the company’s investment-grade credit rating.Net income in the fiscal third quarter declined to $715 million, or $1.71 a share, from $1.2 billion, or $2.71, a year earlier, Broadcom said. Chip unit sales were about $4.4 billion in the recent period, accounting for 79% of the company’s total revenue. They were down 4.7% from a year earlier.(Updates with comments from executives starting in fifth paragraph)To contact the reporter on this story: Ian King in San Francisco at ianking@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Symantec lays off hundreds in California, including at Mountain View HQ, amid buyout talks
    American City Business Journals

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  • Financial Times

    Broadcom says chip demand has ‘bottomed out’

    Broadcom said demand in its semiconductor business has “bottomed out”, taking some of the sting out of quarterly revenue that fell just shy of expectations as the chipmaker continues to deal with the fallout from the US-China trade spat. In June, the trade dispute and Washington’s export restrictions targeting Huawei prompted Broadcom to cut its revenue outlook by $2bn to $22.5bn for fiscal 2019, with the company warning that geopolitical uncertainties had driven a slowdown in the chip sector. Broadcom reiterated that revenue guidance Thursday, while also posting fiscal third-quarter earnings that outpaced Wall Street’s forecast.

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  • Business Wire

    Symantec Awarded Best Enterprise Endpoint and Best Email Security Service by SE Labs

    2019 Annual Report recognizes Symantec Endpoint Solutions and Symantec Email Security.cloud

  • Should Symantec Agree to a Private Equity Buyout Offer?
    Market Realist

    Should Symantec Agree to a Private Equity Buyout Offer?

    After Friday's buyout offer for Symantec's Consumer Cyber Safety segment, its stock soared 4.5% to $24.52. This pushed its market cap to $15.2 billion.

  • Broadcom (AVGO) to Report Q3 Earnings: What's in the Cards?
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  • Why Is Symantec (SYMC) Up 7% Since Last Earnings Report?
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    Why Is Symantec (SYMC) Up 7% Since Last Earnings Report?

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  • Report: Private equity firms approach Symantec with $16.4B deal for consumer business
    American City Business Journals

    Report: Private equity firms approach Symantec with $16.4B deal for consumer business

    According to sources the Wall Street Journal didn’t name, the two firms offered Mountain View-based Symantec $26 to $27 a share in a deal that would preserve the $10.7 billion sale of Symantec’s enterprise business to Broadcom.

  • MarketWatch

    Symantec stock rallies on report of new private-equity twist in acquisition deal

    Symantec Corp. shares rallied Friday following a report that private-equity firms are looking to keep what's left of the cybersecurity company once Broadcom Inc. closes its acquisition of its enterprise business. Symantec shares rallied 5.5% to $24.79 at last check, after hitting an intraday high of $25.77, following a Wall Street Journal report that private-equity firms Permira and Advent International Corp. are offering $26 to $27 a share for Symantec, valuing the company at $16.4 billion, while preserving the $10.7 billion sale of the company's enterprise unit to Broadcom, which was announced less than a month ago. Shares of Symantec are up 30% for the year, with nearly all of that gain coming in the last three months. The deal would continue the cybersecurity M&A fever that has been playing out in 2019 and forecast by the industry over the past few years.

  • Symantec receives interest from buyout firms Permira, Advent: WSJ
    Reuters

    Symantec receives interest from buyout firms Permira, Advent: WSJ

    Shares of Symantec rose as much as 10% after the report. Permira and Advent recently approached Symantec proposing a takeover deal valuing Symantec at $26 to $27 a share that would hand them the company's consumer operation while preserving the sale of its enterprise business to chipmaker Broadcom Inc, the report said.

  • TheStreet.com

    Symantec Surges on Report of Possible $16B Buyout by 2 PE firms

    Permira and Advent have offered to buy the cybersecurity major at $26 to $27 a share, people familiar with the matter told the Wall Street Journal.

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  • Financial Times

    Symantec receives $16bn private equity buyout approach

    last month to sell part of its business to the US chipmaker Broadcom. Permira and Advent International have made a combined approach to take over the whole of Symantec, valuing the maker of Norton antivirus software at about $26 a share, said people briefed about the offer. Symantec shares rose by more than 4 per cent to close at $24.51.

  • Thomson Reuters StreetEvents

    Edited Transcript of SYMC earnings conference call or presentation 8-Aug-19 9:45pm GMT

    Q1 2020 Symantec Corp Earnings and Sale of Enterprise Security Assets for $10.7 Billion to Broadcom Call

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