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Home / Business / Symantec Stocks spike more than 20% after reporting Broadcom acquisition calls

Symantec Stocks spike more than 20% after reporting Broadcom acquisition calls



Shares of Symantec Corp.

SYMC, + 0.18%

jumped more than 20% in retrospect on Tuesday after a report the security software company targeted for a acquisition of Broadcom Inc.

AVGO, -1.67%

Bloomberg News reported Tuesday afternoon that Broadcom is in "advanced calls" to buy Symantec, and an agreement could be reached within weeks, according to anonymous sources. No potential purchase price was reported. Symantec has suffered, with the latest hit coming in May, the resignation of its CEO in battle with his business security business. Chip maker Broadcom was blocked by the US government from buying Qualcomm Inc.

QCOM, -0.66%

in 201

8, but has since been redomiciled to the United States and purchased a large software company in CA Inc. Symantec's shares had fallen almost 30% from peak this year but have climbed Back in the midst of a potential acquisition – shares ended the day by 17% a year at a market value of $ 13.7 billion, then increased by 21.5% in Tuesday's expanded session. Broadcom shares fell 4% in late trading.


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