Symantec shares fall as 4Q outlook disappoints
From AP News | 2010-01-28 16:54:45
<div id="subtitle">Symantec shares fall as fiscal 3rd qtr shows profit but 4th-qtr outlook disappoints investors</div><div><p>Symantec Corp. shares fell Thursday after the security software company's fiscal fourth quarter outlook disappointed investors.</p><p>Symantec shares slid $1.27, or 6.8 percent, to $17.34 in midday trading as the broader market headed lower. In the past year, the stock has traded between $12.54 and $19.16.</p><p>Symantec said late Wednesday that it posted a profit in its fiscal third quarter ended Jan. 1, compared with a loss in the year-ago quarter when it recorded a hefty impairment charge.</p><p>The company also forecast fiscal fourth-quarter adjusted earnings of 36 cents to 37 cents per share on $1.51 billion to $1.52 billion in revenue.</p><p>Analysts polled by Thomson Reuters expect adjusted earnings of 37 cents per share on $1.52 billion in revenue.</p><p>In a client note, Morgan Keegan analyst Brian Freed said he was "pleased" with the December quarter results. He said that while the midpoint of Symantec's outlook is a bit below analysts' expectations, he thinks it is related to "changes in currency assumptions rather than a reflection of negative trends in the business model."</p><p>Freed rates the stock "Outperform."</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=67978765&bid=informcom" /></div><div id="copyright"><div>
Copyright 2010 <a href="http://www.ap.org">AP News</a></div></div>
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