http://www.washingtonpost.com/wp-dyn/content/article/2005/11/02/AR2005110201945.html The Associated Press November 2, 2005 NEW YORK -- Symantec Corp. stock fell Wednesday, a day after the software maker cut its financial forecast and announced the surprise retirement of its chief financial officer. Shares of Symantec fell $4.63, or 19 percent, to close at $19.37 on the Nasdaq Stock Market. The Cupertino, Calif., company, blaming weakness in its consumer and enterprise security segments, reduced its revenue forecast for fiscal 2006 by $130 million to $5 billion. "It should be noted that consumer sell-through during the quarter appears to have slowed as compared with prior Septembers," said Greg Meyers, retiring chief financial officer, during the company's conference call Tuesday. "This slowing is most likely a combination of the late release of our 2006 consumer products in the quarter, a lack of high profile threat activity and competitive pressures across the various consumer channels." Symantec's lowered outlook and Meyers' retirement prompted at least seven analysts to downgrade their ratings on Symantec's shares. Susquehanna Financial Group's Gregg Moskowitz, who slashed his rating on Symantec's shares to "neutral" from "positive," questioned the timing of Meyers' departure, coming on the heels of Symantec's merger with Veritas this summer. Other analysts downplayed Symantec's lowered fiscal 2006 guidance, saying it was conservative and more appropriate for a maturing technology company. "The stock will likely see near term weakness but we would buy the dip as we believe fiscal 2006 adjustments are more transitory and could actually prove conservative while our long term investment thesis remains intact," said J.P. Morgan analyst Adam Holt. Moskowitz could not be reached to determine if he owns shares in Symantec or if Susquehanna Financial has an investment-banking relationship with the company. Holt does not own shares in Symantec. J.P. Morgan makes a market in the securities of Symantec. Maguire does not own shares in Symantec. Merrill makes a market in the securities of Symantec. © 2005 The Associated Press _________________________________________ Earn your Master's degree in Information Security ONLINE www.msia.norwich.edu/csi Study IA management practices and the latest infosec issues. Norwich University is an NSA Center of Excellence.
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