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Symantec

Symantec is a global leader in cybersecurity that was founded in 1982 and headquartered in Mountain View, California. The company reports two segments: Consumer Security and Enterprise Security. Symantec has re-shaped its business by selling Veritas and, acquiring Blue Coat and LifeLock. Blue Coat's CEO Greg Clark was brought on board to run Symantec. Symantec's Consumer Digital Safety business includes Norton and LifeLock. Norton is a leader in endpoint protection specifically anti-virus software. This business is very profitable although had been experiencing weak top line trends. Symantec acquired LifeLock, a leading provider of identity and fraud protection services, for $2.3 bn. The acquisition is helping Consumer Digital Safety return to growth. Symantec's Enterprise Security business is a leader in protecting endpoints, email, and physical and virtual workloads. Symantec acquired Blue Coat, a leading provider of web security and cloud security solutions, for $4.65 bn, which strengthened its capabilities in the Enterprise Security business. (21 Feb 2018)

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Transcript: US IG & Crossover Technology

Transcript: 07 Dec 2018, 3:06 AM ET - This is the transcript of the 2-part technology sector presentation given at the CreditSights IG & Crossover conference on December 4, 2018.

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.
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HY Note: Symantec - LBO Interest from Thoma Bravo?

HY Note: 06 Nov 2018, 4:41 PM ET - Symantec was rumored to have been approached by Thoma Bravo to express interest in acquiring the company, and we discuss implications for bondholders. 
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SYMC: Stabilizing Enterprise Trends; Reiterate O/P

Earnings Note: 02 Nov 2018, 11:52 AM ET - Symantec's F2Q19 results were significantly better than expected as its Enterprise Security segment is showing signs of stabilization, and we reiterate our Outperform recommendation. 

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 
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Symantec: Completes Audit Committee Investigation

HY Note: 25 Sep 2018, 6:04 AM ET - Symantec completed the Audit Committee Investigation that was originally announced in May 2018, and we reiterate our Outperform recommendation. 

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

Technology: Tariffs Recap

Sector Analysis: 06 Aug 2018, 11:26 PM ET - The tech sector has been largely unaffected by tariffs enacted to date, although could be caught in the crossfire as the US contemplates additional tariffs on imports from China. We include company commentaries from calendar 2Q18 calls. 

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.
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Symantec: Reducing Guidance on Enterprise Weakness

Earnings Note: 03 Aug 2018, 4:34 AM ET - We reiterate our O/P recommendation on Symantec despite weak trends in its Enterprise segment, as the 5.3% yield on its 2025s is attractive relative to the credit metrics, and the bonds could rally if the internal investigation blows over. 

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

Tech Primer: Storage – HDDs vs SSDs

Technology Primer: 13 Jul 2018, 4:59 AM ET - In this tech primer, we do a deep dive on HDDs and SSDs and discuss investment implications for Seagate and Western Digital.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.
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Five Contrarian Investment Grade Trades

Strategy Analysis: 13 Jun 2018, 10:51 AM ET - We present five contrarian trade ideas across IG sectors where we have a strong view against the consensus.

May 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of May.
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Symantec: Moody’s Baa3 on Review for Downgrade

Worth Watching: 17 May 2018, 9:10 AM ET - Symantec (Baa3▼/BB+) was put on review for downgrade by Moody's last night due to the internal investigation, which creates uncertainty for its business, financial, legal and regulatory risks, according to the ratings agency. The review will fo ..

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 

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