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Wednesday, July 26, 2006

Symantec, an Earnings Leak?

Shares of Symantec made a mystery run up mid-day ahead of earnings. The company just reported EPS of $0.24 on a non-GAAP basis vs $0.21 estimates and revenues of $1.26 billion vs $1.244 billion expected.The company looks like the forward quarter may be a bit light, but they are putting Fiscal Year 2007 ahead of plan at the mid-points. It offered $1.06-1.16, versus $1.09 estimates, and revenue estimates of $5.3 billion are reight in the middle of the new range just offered at $5.2 billion to $5.4 billion.

Since Symantec bought out Veritas the stock has been in the doghouse. Its shares closed up 2.2% at $15.78, and shares were up at $16.88 in after-hours trading. This may finally help shareholders who have been waiting for this to get off the mat. it would be interesting to see if this report was somehow telegraphed or if it made its way out a bit early, but as of now that is just a small thought.

Jon C. Ogg
July 26, 2006
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