Topic: Growth Stocks

Wall Street Stock Forecaster Hotline – Friday, August 2, 2013

Article Excerpt

SYMANTEC CORP., $26.52, Nasdaq symbol SYMC, sells computer-security technology, including anti-virus and email-filtering software, to businesses and consumers. The stock jumped 8% this week after the company reported record quarterly revenue and earnings. In its fiscal 2014 first quarter, which ended June 28, 2013, Symantec’s revenue rose 2.5%, to $1.71 billion from $1.67 billion a year earlier. That beat the consensus estimate of $1.64 billion. The company is doing a good job of selling its products as ongoing subscriptions instead of one-time purchases. Subscriptions now account for 45% of Symantec’s revenue, up from 44% a year ago. Earnings rose 3.7%, to $308 million from $297 million. Symantec spent $125 million on share repurchases in the latest quarter. Due to fewer shares outstanding, earnings per share rose 7.3%, to $0.44 from $0.41. These figures exclude costs related to the company’s plan to lay off 30% to 40% of its managers and streamline its product lines. On that basis, the latest earnings easily…