Symantec Corp. (NASDAQ:SYMC) stock is sliding as the company looks to sell Veritas.
The data storage and recovery business was acquired in 2005 for $13.5 billion in stocks. Declining PC sales and low demand for data management products have lowered Veritas’ value.
Several private equity firms are considering the acquisition of Veritas, which is now valued at around $8 billion. Taxes related to the split could be an issue with the sale.
Cowen and Company placed a “hold” rating on Symantec shares. The company’s last earnings report came on Feb. 5, when it posted better-than-expected earnings per share of $0.53.
SYMC stock is down 1.4% Tuesday.
More From InvestorPlace
Article printed from InvestorPlace Media, https://investorplace.com/2015/04/symantec-corp-symc-stock-veritas/.
©2020 InvestorPlace Media, LLC