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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 Justice’s Civil Division and the Civil Division of the U.S. Attorney’s 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 government’s 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 company’s Condensed Consolidated Financial Statements."
News For SYMC From The Last 14 Days
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April 15, 2014
12:57 EDTSYMCSymantec calls active
Symantec May 21 and January 22 calls are active on total call volume of 13K contracts (1K puts). May call option implied volatility is at 37, July is at 28, January is at 26; compared to its 26-week average of 26 according to Track Data. Active volume and elevated volatility suggests traders taking positions for larger price movement.
12:34 EDTSYMCSymantec attracting PE interest following CEO firing, Reuters reports
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12:29 EDTSYMCSymantec attracting PE interest following CEO firing, Reuters reports
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06:06 EDTSYMCSymantec implied volatility of 39 at upper end of index mean range
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April 14, 2014
12:11 EDTSYMCPalo Alto jumps after two analysts raise their ratings
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April 11, 2014
12:42 EDTSYMCOn The Fly: Analyst Downgrade Summary
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07:29 EDTSYMCNetwork security Q1 survey shows 'respectable' demand, says Jefferies
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06:05 EDTSYMCSymantec downgraded to Equalweight from Overweight at Barclays
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April 9, 2014
17:49 EDTSYMCImperva plummets after lowering Q1 EPS and revenue outlook
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17:32 EDTSYMCImperva Q1 miss likely to weigh on Security sector, says Wells Fargo
Wells Fargo believes the magnitude of Imperva's (IMPV) Q1 miss will weigh on the Cyber Security industry since expectations for the group were relatively high going into Q1 earnings. Names in the space include Check Point (CHKP), Fortinet (FTNT), FireEye (FEYE), Palo Alto (PANW) and Symantec (SYMC). Wells notes, however, that it sees little direct fundamental implications for other names in the group as Imperva's issues were likely more company specific. Wells has Outperform ratings on Check Point, FireEye, Palo Alto and Fortinet.
April 4, 2014
16:30 EDTSYMCOn The Fly: Closing Wrap
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15:22 EDTSYMCSymantec calls active on eyed by activists, interviews advisors
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14:59 EDTSYMCSymantec eyed by activists, interviews advisors, Reuters says
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14:37 EDTSYMCSymantec hiring bank for strategic advice, Reuters says
Symantec is being examined as a potential target by large activist funds, according to Reuters.

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