NEW YORK (TheStreet) -- Shares of Symantec Corp. (SYMC) are down -1.30% to $20.10 after the company that invented commercial antivirus software to protect computers from hackers a quarter-century ago said such tactics are doomed to failure, the Wall Street Journal reports.
Antivirus "is dead," says Brian Dye, Symantec's senior VP for information security. "We don't think of antivirus as a moneymaker in any way."
Now he'll lead a reinvention effort at Symantec that reflects a broader shift in the $70 billion a year cybersecurity industry.
Rather than fighting to keep the bad guys out, new technologies from an array of companies assume hackers get in so aim to spot them and minimize the damage, the Journal said.
TheStreet Ratings team rates SYMANTEC CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate SYMANTEC CORP (SYMC) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, reasonable valuation levels, growth in earnings per share, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow."