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Stock Market & Financial Investment News

News Breaks
February 4, 2014
07:45 EDTSYMCSymantec discloses potential damages up to $145M from contract probe
Symantec disclosed in a regulatory filing last night that during the first quarter of fiscal 2013, the company was advised by the Commercial Litigation Branch of the Department of Justiceís Civil Division and the Civil Division of the U.S. Attorneyís Office for the District of Columbia that the government was investigating its compliance with certain provisions of a U.S. General Services Administration Multiple Award Schedule Contract. In January 2014, the company met with representatives of the government who presented an initial analysis of its actual damages exposure in the amount of approximately $145M, Symantec said. The company noted: "We are currently in the process of evaluating the governmentís initial analysis. It is possible that the investigation could lead to claims or findings of violations of the False Claims Act, and could be material to our results of operations and cash flows for any period. Resolution of False Claims Act investigations can ultimately result in the payment of somewhere between one and three times the actual damages proven by the government, plus civil penalties in some cases, depending upon a number of factors. As a result of these developments, we considered the need for an accrual for a potential loss. Considering the preliminary stage of the negotiated resolution process with the government, we are currently unable to determine a precise range of estimated losses resulting from this matter. However, we determined that the amount subject to accrual, representing our best estimate of the low end of such range, was not material to the companyís Condensed Consolidated Financial Statements."
News For SYMC From The Last 14 Days
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May 28, 2015
13:08 EDTSYMCCybersecurity stocks rise after Palo Alto results, IRS security breach
Shares of cybersecurity firms are trading higher on an otherwise down day after Palo Alto Networks (PANW) reported third quarter financial results that surpassed analysts' expectations amidst a reported breach at the Internal Revenue Service that is seen compromising the security of more than 100,000 U.S. taxpayers. WHAT'S NEW: Wednesday night, Palo Alto reported Q3 earnings per share of 23c and revenue of $234.17M, surpassing analysts' consensus estimates of 20c and $223.22M, respectively.The company also gave in-line guidance for Q4 EPS and Q4 revenue guidance that surpassed analysts' expectations. WHAT'S NOTABLE: On Wednesday, the IRS said nearly 100,000 taxpayers had their accounts accessed in a cyber breach. The IRS announced that criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to information on approximately 100,000 tax accounts through the IRSís "Get Transcript" application. This data included Social Security information, dates of birth and street addresses. ANALYST REACTION: This morning, Palo Alto had its price target raised by a number of Wall Street firms including JMP Securities, which increased its price target to $210 from $200. JMP Securities increased its price target on Palo Alto after the company reported stronger than expected Q3 results. The firm thinks the results reinforce its thesis that Palo Alto will become the market share leader in the network security market over time. The firm kept its Outperform rating on the shares. PRICE ACTION: In midday trading, shares of Palo Alto Networks are up over 4%, FireEye (FEYE) shares are up nearly 4%, Fortinet (FTNT) is up almost 1.3%, and Check Point (CHKP) is higher by 1.3%. OTHERS TO WATCH:Other companies in the cybersecurity space include Barracuda Networks (CUDA), F5 Networks (FFIV), Imperva (IMPV), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC).
May 26, 2015
09:54 EDTSYMCAnalysts bullish on two Internet security players
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May 20, 2015
15:55 EDTSYMCCareFirst BlueCross BlueShield confirms cyberattack
CareFirst BlueCross BlueShield has confirmed that cyberattackers gained limited, unauthorized access to a single CareFirst database. This was discovered as a part of the companyís ongoing Information Technology security efforts in the wake of recent cyberattacks on health insurers. CareFirst engaged Mandiant, a unit of FireEye (FEYE), to conduct an end-to-end examination of its IT environment. The review determined that in June 2014 cyberattackers gained access to a single database in which CareFirst stores data that members and other individuals enter to access CareFirstís websites and online services. Approximately 1.1M current and former CareFirst members and individuals who do business with CareFirst online who registered to use CareFirstís websites prior to June 20, 2014 are affected by this event. All affected members will receive a letter from CareFirst offering two free years of credit monitoring and identity theft protection. Mandiant completed its review and found no indication of any other prior or subsequent attack or evidence that other personal information was accessed. Other publicly traded companies in the cybersecurity space include Barracuda Networks (CUDA), Check Point (CHKP), F5 Networks (FFIV), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC).
08:41 EDTSYMCCisco CFO sees potential for acquistions in security
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May 19, 2015
12:36 EDTSYMCSymantec management to meet with Jefferies
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May 18, 2015
12:42 EDTSYMCSymantec to receive Veritas bids in 'next few weeks,' dealReporter says
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May 15, 2015
07:26 EDTSYMCSymantec outlook still positive despite earnings miss, says JMP Securities
After Symantec reported lower than expected Q4 EPS, JMP Securities says that after adjusting for foreign currency fluctuations and a true-up of defined-benefit plans, the EPS would have beat expectations by 1c. The firm says the company's headline Q1 EPS guidance also missed expectations but would have beaten after adjusting for currency and an extra selling week in last year's Q1. The firm thinks that the company's profitability is improving ,and it keeps a $30 price target and Outperform rating on the shares.

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