TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said a lot of ipeople bought Symantec because it had a new CEO and was involved in online security. "How can you miss?" was the thinking, he said.
However, Symantec didn't "change with the times" and was focusing on personal computers rather than mobile.
Pointing to FireEye (FEYE), Cramer said that a stock can do very well in this industry when it delivers but when it offered 14 million shares in a secondary offering, FireEye shares suffered.
Cramer admitted he "fears" that when the insiders in Symantec start selling their shares, the stock will suffer. He also thinks this will happen to any company going public now.
"Insider selling is what wrecked 2000," Cramer concluded, and it can wreck these companies, too.
- Written by Bret Kenwell in Petoskey, Mich.