Why Did Symantec and Fluor Move Higher on May 15?
Symantec (SYMC), which provides security products and solutions to small, medium, and enterprise businesses, was the S&P 500’s second-highest gainer on May 15. After pulling back last week, Symantec started this week on a stronger note and moved higher as the week progressed. On Tuesday, Symantec opened higher and closed the day higher.
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Symantec declined at the end of last week after management announced an internal audit on its earnings reports. However, Symantec rebounded on Monday after management announced that the internal audit won’t impact past financial statements. According to management, the investigation includes the company’s public disclosers, non-GAAP measures that impact executive compensation programs, and stock trading plans. The stock picked up momentum on Tuesday. Analysts at Jefferies upgraded the company’s rating to “hold” from “underperform.”
On May 15, Symantec gained 4.4% and closed the day at $22.33. Symantec is part of the S&P 500 Information Technology sector, which declined 0.96% on Tuesday.
Fluor (FLR), which is a multinational engineering and construction firm, was among the S&P 500’s best-performing stocks on May 15. After a strong sell-off in the first week of May, Fluor started to recover last week. The company started this week on a stronger note.
Fluor declined in the first week of May amid the release of disappointing first-quarter earnings data. Management reported an EPS of -$0.13 in the first quarter—compared to the market’s forecast of $0.77. As a result, the stock fell 24% in the first week of May. Fluor started to recover following an upgrade from Bank of America Merrill Lynch to “buy” from “neutral.” Bank of America Merrill Lynch increased Fluor’s target price from $37 to $58.
On May 15, Fluor gained 3.5% and closed the day at $48.48. Fluor is part of the S&P 500 Industrials sector, which declined 0.37% on Tuesday.