Symantec Corporation
Symantec VP pronounces death of adidas energy boost sale antivirus software Antivirus "is dead," says Brian Dye, senior VP for information security at Symantec (SYMC), the company that pioneered such software in the late 1980s. Dye reckons that the products catch only 45% of cyberattacks. "We don't think of antivirus as a moneymaker in any way." Except that antivirus still contributes over 40% of Symantec's revenues. To reduce that reliance, the company is looking to follow an industry trend, and develop products and services that spot malicious software that's breached a computer's defenses and minimize the impact. "If customers are shifting from protect to detect and respond, the growth is going to come from detect and respond," Dye says. ValueAct Capital, which won a Microsoft board seat last year, is among the activist investors thinking of taking a stake in Symantec (SYMC), sources tell Reuters. Meanwhile, P E firms including Bain, Blackstone, and Carlyle have reportedly "started assessing the possibility of a leveraged buyout of all or parts of Symantec." Reuters adds some P E firms "have approached Symantec in recent weeks to discuss deal possibilities," but there are currently no serious talks going on. It does, however, report major activist adidas originals zx 700 uk funds "have already started examining the company as a potential target."Shares plunged to new 52 week lows two weeks ago after Symantec fired CEO Steve Bennett. Tech ratings changes: VMware, Yelp, Symantec, NetApp VMware (VMW +0.7%) has been upgraded to Buy by Sterne Agee. Cowen, which has cut shares to Market Perform, says it now has less confidence in Symantec's long term margin targets. A contrarian buying opportunity or a value trap?Previous: Symantec fires CEO; storage vet named interim CEO Symantec fires CEO; shares halted Symantec (SYMC) CEO Steve Bennett has been axed after less than two years on the job. Director/storage industry vet Michael Brown has been named interim CEO while the company looks for a permanent successor. (PR) Chairman Daniel Schulman says Bennett's firing "was the result of an ongoing deliberative process, and not precipitated by any event or impropriety." Symantec shares rallied strongly after Bennett was named CEO in July 2012, as investors gave a thumbs up to his efforts to cut costs and streamline Symantec's product line. But they've underperformed over the last eight months amid earnings disappointments and ongoing share losses. Symantec saw a series of executive departures last fall. The company is reiterating its March quarter guidance.
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