Topic: How To Invest

Stock Pickers Digest Hotline – Friday, May 11, 2018

Article Excerpt

SYMANTEC CORP., $19.52, symbol SYMC on Nasdaq, sells computer-security technology, including antivirus and email-filtering software, to businesses and consumers. The stock dropped 32% today after the company unexpectedly said it was looking into unspecified financial issues. It also warned it may have to amend financial results and forecasts. It will also likely delay the regulatory filing of its 10K annual report. Symantec has voluntarily opened an internal investigation and notified the U.S. Securities and Exchange Commission (SEC) after a former employee raised some concerns. The company has not provided details. The disclosure came during Symantec’s release Thursday of its fiscal 2018 fourth quarter results. Revenue rose 9.6%, to $1.22 billion from $1.12 billion, for the three months ended March 31, 2018. Earnings per share, excluding one-time items, jumped 64.3%, to $0.46 from $0.28. That beat the consensus estimate of $0.39 a share. The very limited release of details about Symantec’s internal investigation—or nature of the concerns—undoubtedly accelerated the share price drop. However, while these…

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