A marriage that at the time left many in Silicon Valley scratching their heads will be a thing of the past, as Symantec (SYMC) said Tuesday that it would sell its Veritas data storage business to private equity firm Carlyle Group, valuing the deal at $8 billion. The security software maker’s purchase of Veritas in 2004 for more than $13 billion left many on Wall Street wondering about the synergies, as many analysts viewed the two businesses as
Biotech Halozyme Therapeutics (HALO) jumped 16% early Tuesday, nearly touching an all-time high, a day after the company beat Q2 estimates and provided an update on its pipeline. Late Monday, Halozyme reported revenue of $43.4 million, up 136% from the year-earlier quarter and $18 million more than analysts expected. More than half the revenue came from a $23 million milestone payment from AbbVie (ABBV) in June. A partnership between the two
Rackspace Hosting (RAX) stock Tuesday fell after the Web hosting and cloud service provider late Monday lowered its revenue guidance and reported Q2 revenue and EBITDA slightly below consensus. Rackspace also increased its stock buyback authorization to $1 billion from $500 million, planning to make half of the buybacks within six to nine months. Rackspace dropped 6% to a 12-month low below 30 in morning trading in the stock market today. Shares