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Home / Business / Symantec's shares fluctuate on reports Broadcom is talking about acquiring

Symantec's shares fluctuate on reports Broadcom is talking about acquiring



A visitor leaves Symantec's headquarters in Mountain View, California, August 24, 2010.

Tony Avelar | Bloomberg | Getty Images

Symantec shares increased more than 20% in extended trading on Tuesday after Bloomberg reported that Broadcom is in advanced talks to acquire the security software vendor.

Symantec has been plagued in recent years by management orientation and a flailing core The business that cloud security companies have taken part in the corporate market and a recent division of companies has emerged to protect mobile devices.

Greg Clark was the last president's departure in May. Clark said he wanted to spend more time with his aging father, but resigned after the company had missed fourth quarter revenue estimates. Symantec director Richard Hill, former CEO of Novellus Systems, was appointed interim CEO and director, immediately following a statement at that time.

Clark became CEO in 201

6 and replaced Michael Brown.

Shares in Symantec climbed to $ 27.35 after the Bloomberg story. The stock closed regularly trading at $ 22.10 and had lost about a third of its value over the past two years.

Chipmaker Broadcom has been on a takeover sale and bought CA Technologies for $ 19 billion last year. But their efforts to buy Qualcomm were blocked by the Trump administration.

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