Symantec stock plunges after CNBC says Broadcom deal talks have ceased
Symnatec Corp. shares have dropped 18% in premarket trading Monday after CNBC reported that the cybersecurity company's deal talks with Broadcom Inc. have come to an end. The story, which cites multiple anonymous sources, said that Symantec wasn't willing to accept a price of less than $28 a share. Symantec's stock closed Friday at $25.57. Broadcom shares are up 3.1% premarket. Reports earlier this month indicated that the chipmaker was interested in adding another software asset to its portfolio. Broadcom's shares have gained 12% so far this year, as the S&P 500 has risen 20%.
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