Why Symantec Corporation Stock Popped Today

MarketsMotley Fool

What happened

Shares of Symantec Corporation (NASDAQ: SYMC) were up 9.4% as of 12:15 p.m. EDT Monday, rebounding after the stock's more than 30% plunge late last week.

Continue Reading Below

More specifically on the latter, Symantec plummeted on Friday after the cybersecurity specialist announced an internal audit that may lead to financial restatements.

So what

To be clear, the weekend brought no new details surrounding Symantec's internal investigation, which it says it commenced in response to "concerns raised by a former employee." Symantec also revealed that it has "retained independent council and other advisors to assist in the investigation," and has promised to keep the Securities and Exchange Commission in the loop with any further developments as it proceeds.

Now what

That said, this morning Symantec did schedule a conference call for later this afternoon to provide more information to investors, so you can be sure the market will be watching closely to see what the company has to say.

Note also that in its related SEC filing last week, Symantec suggested it's "unlikely" the investigation will be finished in time for it to file its annual report in a timely manner, so expect the company to file an extension to that end in the coming weeks.

In the meantime, it's no surprise to see Symantec stock recouping some of its recent drop given the severity of that decline. But I'm personally content watching from the sidelines until we learn more about the circumstances leading up to and surrounding the audit.

10 stocks we like better than SymantecWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has quadrupled the market.*

David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and Symantec wasn't one of them! That's right -- they think these 10 stocks are even better buys.

Click here to learn about these picks!

*Stock Advisor returns as of May 8, 2018

Steve Symington has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.