Symantec owns the anti-virus software Norton, along with LifeLock. LifeLock security services help consumers against fraud and misuse of their social security number. Members pay a monthly free starting at $9.99 for coverage of up to $25,000 for stolen funds and unauthorized use.
Symantec’s investors relations vice president, Cynthia Hiponia, said on a conference call late Thursday “It does not relate to any security concern or breach with respect to our products or systems” but refused to go into any detail on the matter.
“The investigation is still in its early stages and Symantec cannot predict a time-frame or outcome of the investigation. Financial results and guidance may be subject to change based on the outcome of the Audit Committee investigation”
With cyber security continuing to be a major threat to corporations, enterprise antivirus solutions will continue to rise in the coming years. We put SYMC at a BUY and see this sharp decline as a golden opportunity to pick up some shares at a discount.