Symantec, Back In Favor? (SYMC)
May 27, 2008 by Douglas A. McIntyreSymantec Corporation (NASDAQ: SYMC) has slowly caught on fire over the last month. In fact, shares are now up close to 20% in the last month.
We noted earlier in 2008 that John Thompson was making some moves after noting that he needed to get this ship turned and that he needed to do it quick, otherwise he might lose at least one of his titles there. For Thompson’s sake we hope this is the real deal because we have yet to find anyone overly critical of his abilities and many of the company’s problems seemed more shareholder-oriented than they did corporate oriented.
On the last call praising some action, shares were at $15.55. After a 2.4% gain in late trading, Symantec stock is at $21.15. Its 52-week high is $21.32 and this is only the second day that shares have gone over $21.00 since October. If the stock breaks out above that level, it could break a 30-month trading band.
Whoever wins all the mobile device security pacts may end up being the real winner, and there doesn’t seem to be any reason that it couldn’t be Symantec.
Jon C. Ogg
May 27, 2008
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