Topic: Growth Stocks

Wall Street Stock Forecaster Hotline – Friday, May 10, 2013

Article Excerpt

SYMANTEC CORP., $24.35, Nasdaq symbol SYMC, sells computer-security technology, including anti-virus and email-filtering software, to businesses and consumers. In its fiscal 2013 fourth quarter, which ended March 29, 2013, Symantec’s revenue rose 4.0%, to $1.75 billion from $1.68 billion a year earlier. That beat the consensus revenue estimate of $1.73 billion. The company is doing a good job of selling its products as ongoing subscriptions instead of one-time purchases. Subscriptions now account for 44% of Symantec’s sales to consumers and 14% of its sales to businesses. Earnings rose 11.0%, to $314 million from $283 million. Symantec spent $125 million on share repurchases in the latest quarter. Due to fewer shares outstanding, earnings per share rose 15.8%, to $0.44 from $0.38. These figures exclude costs related to the company’s plan to lay off 30% to 40% of its managers and streamline its product lines. On that basis, the latest earnings exceeded the consensus estimate of $0.38 a share. Symantec continues to spend…