Mastermind Of ?80s Gas Attacks On Kurds Is Taken To A Gallows Site In Baghdad The man known as Chemical Ali for ordering poison gas attacks against the Kurds in the 1980s has been flown to a site near a prison gallows in Baghdad, suggesting that his execution was imminent.... Read Full Article Call For Labor To Be Prudent The Government’s surprise $34 billion tax-cut package has given Labor an opportunity to seize the high ground as the party of conservative economic managers as well as policy reformers, experts say.... Read Full Article A New Daily Starts In Spain, Aiming For The Young, Left-Leaning Reader The publishers and editors of Público, a new left-leaning newspaper in Spain, are convinced they can defy the ravages of new technology and free papers.... Read Full Article That Perfect Day - It’s Within Your Grasp Listen to Ben Macintyre talking to Ros Armitage, director of the Red Cross in the UK With not much time left before the hammer comes down in the Times charity auction, bids have been pouring in, rai... Read Full Article Swindle With Ants Gets Chinese Tycoon A Death Sentence A Chinese business executive was sentenced to death for swindling $385 million from investors in a fake ant-breeding scheme.... Read Full Article |
Symantec Shares Fall On Profit Warning And Lowered ForecastBOSTON, Jan. 16 ( Reuters) — Symantec warned of disappointing third-quarter results and cut its full-year outlook Tuesday, sending shares down 12 percent as it blamed weak business software sales and higher-than-expected costs. Analysts said the shortfalls raised doubts about Symantecs July 2005 acquisition of Veritas Software, the unit that sells the software whose sales failed to meet the companys internal forecasts. It will be the second consecutive quarter in which Symantecs earnings miss Wall Street expectations that the company helped set. It is about overpromising and underdelivering, said an FBR analyst, Daniel Ives. He cut his price target on the stock to $18, from $19. Symantec, which is best known for its consumer-oriented Norton antivirus programs, bought Veritas for $13.5 billion, entering the data storage management business. It estimated a profit of 10 to 11 cents a share on revenue of $1.29 billion to $1.31 billion for the fiscal third quarter ended Dec. 29. It had previously forecast a profit of 14 to 15 cents a share on revenue of $1.315 billion to $1.345 billion. For its fiscal fourth quarter, which ends in March, Symantec estimated revenue of $1.24 billion to $1.27 billion. That lagged the average estimate of $1.4 billion from Wall Street, according to Reuters Estimates. Shares of the company, which is based in Cupertino, Calif., fell $2.44, to $18.04, in heavy afternoon trade on Nasdaq. Analysts said the integration of Veritas had proved harder than expected. A CIBC World Markets analyst, Shaul Eyal, cut his recommendation on Symantec to sector performer from sector outperformer, saying that the acquisition may one day end up generally being regarded as a mistake. The jury is still out, he said. Symantec forecast full-year net income of 36 to 39 cents a share on revenue of $5.08 billion to $5.11 billion. In October it had forecast a profit of 46 to 56 cents a share on revenue of $5.1 billion to $5.3 billion. While the chief executive, John Thompson, attributed the disappointing revenue to problems with the data storage business, some analysts said that Symantecs troubles may be more widespread. We believe the magnitude of reduction in guidance portends broader-based softness in the companys pipeline, said a Morgan Keegan analyst, Brian Freed. Tag CloudExternal InformationAdditional InformationU.S. Investigates 2 Wachovia Employees...E-Commerce Report: Last-Minute Help for Those (Mostly Male) Holiday Shopping Sla... House prices fall by 1.6 per cent in February... UBS confronts shareholder funding revolt... Where Am I?News Main Page - Business - Symantec Shares Fall On Profit Warning And Lowered Forecast |
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