Topic: How To Invest

Stock Pickers Digest Hotline – Friday, August 9, 2019

Article Excerpt

SYMANTEC CORP., $22.99, symbol SYMC on Nasdaq, sells computer-security technology, including antivirus and email-filtering software, to businesses and consumers. The stock jumped as high as $26.07 in early July 2019 on reports that the company was in advanced talks with a potential buyer for the company, Broadcom Inc. (symbol AVGO on Nasdaq). Yesterday, Broadcom agreed instead to buy Symantec’s Enterprise Security business. The division could fetch as much as $10.7 billion. It currently serves businesses and accounts for roughly half of Symantec’s $5 billion in annual revenue. The consumer segment contributes the rest. The 37-year-old Symantec became well-known as a seller of consumer antivirus software. The company also sells corporate cybersecurity products but has struggled lately to expand that business line. Symantec’s Enterprise Security segment mainly consists of Blue Coat Systems and was acquired for less than $5 billion in 2016. Symantec would be the second big software purchase for computer chip maker Broadcom. That’s after its $18 billion takeover last year of CA…

You are trying to access subscriber-only content.

To read this article, you may subscribe or sign in.
If you are already a subscriber, log in here.

If you wish to become a subscriber, click here. Or you may enjoy access to all our publications when you become a Member of Pat McKeough's Inner Circle Pro.