Shares of Symantec Corporation (NASDAQ:SYMC) ended Thursday session in red amid volatile trading. The shares closed down -0.26 points or -1.03% at $25.01 with 10.03 million shares getting traded. Post opening the session at $25.32, the shares hit an intraday low of $24.86 and an intraday high of $25.32 and the price vacillated in this range throughout the day. The company has a market cap of $15.63 billion and the numbers of outstanding shares have been calculated to be 615.59 million shares.
Symantec Corporation (SYMC) on September 13, 2016 introduced Symantec Endpoint Protection Cloud, a new solution for small and mid-sized businesses (SMBs) to protect them from targeted attacks and ransomware. According to the latest Symantec Internet Security Threat Report, 65 percent of all targeted attacks struck small and mid-sized organizations in 2015 to steal valuable company information. Symantec Endpoint Protection Cloud gives SMB owners enterprise-grade protection in a solution that can be set up in less than five minutes and operated by someone with general IT knowledge.
Symantec Endpoint Protection Cloud is for organizations with fewer than 1,000 employees that are looking for an effective way to protect corporate and personal devices on the corporate network. Gartner indicated that by 2018, 95 percent of global enterprises will have both a Choose Your Own Device (CYOD) and a formal Bring Your Own Device (BYOD) plan in place. This expected flood of new devices will put increasing pressure on businesses with limited IT resources.
“Attackers no longer aim just for the Fortune 500. Small and mid-sized business owners must adopt the same vigilance against advanced attacks and deploy the same modern defense capabilities found in enterprise solutions like machine learning to protect their businesses,” said Javed Hasan, vice president of engineering at Symantec. “With Symantec Endpoint Protection Cloud, we’re providing a cloud-based solution with all the features necessary to keep our SMB customers’ information secure without over-taxing already stretched IT departments.”
Shares of Western Digital Corp (NASDAQ:WDC) ended Thursday session in green amid volatile trading. The shares closed up +0.26 points or 0.45 % at $58.27 with 5.37 million shares getting traded. Post opening the session at $58.43, the shares hit an intraday low of $57.57 and an intraday high of $59.86 and the price vacillated in this range throughout the day. The company has a market cap of $16.36 billion and the numbers of outstanding shares have been calculated to be 284.96 million shares.
Western Digital Corp (WDC) on September 23, 2016 announced that it has successfully repriced €885 million of new Euro-denominated term B loans at an interest rate of Euribor + 3.25%, which priced 200 basis points lower than its previous Euro-denominated term B loans borrowed earlier this year in connection with the company’s acquisition of SanDisk Corporation. In connection with this transaction, Western Digital settled the previous Euro-denominated term B loans with the proceeds of this new financing. The terms of the new financing are expected to generate total annual interest savings of approximately $23 million beginning on Sept. 22, 2016. This reflects annual cash interest savings of approximately $20 million resulting from the 200 basis point reduction in interest spread as well as annual non-cash interest savings of approximately $3 million from reduced amortization of debt issuance costs associated with the previous Euro-denominated term B loans. The company expects to incur a debt extinguishment charge of approximately $37 million as a result of this transaction, which will be recorded in the September 2016 quarter. The new term loans have the same remaining tenor as the previous Euro-denominated term B loans and mature on April 29, 2023.
The new financing follows the company’s successful pricing of $3.0 billion of new USD Term B-1 loans that, along with a voluntary prepayment of $750 million, replaced its previous USD Term B loans on Aug. 17, 2016. In combination with financing, the aggregate annual interest savings that the two transactions are expected to generate is approximately $151 million beginning in the September 2016 quarter. This reflects annual cash interest savings of approximately $120 million.