Technology stocks continue to roll forward, garnering the favor of many investors on the Street of late. And while Symantec may be late to the game, the company proved analysts wrong in its quarterly earnings report tonight. After the close, the company reported that second-quarter net income fell to $50.4 million, or 6 cents per share, compared to $126.2 million, or 13 cents per share in the period last year. However, excluding items, earnings were 29 cents per share, topping expectations by 3 cents. Meanwhile revenue rose to $1.42 billion from $1.26 billion, also toppling the Street's view for $1.39 billion in revenue.
If market headwinds take a day off tomorrow, the shares could be in for a positive session, as expectations were low across the board heading into the report. The stock's Schaeffer's put/call open interest ratio (SOIR) of 0.76 ranks above 93% of all those taken during the past year, while 13 of the 22 analysts covering the shares rate them a hold or worse. Today, the shares eked out a fractional gain, but closed above short-term resistance at the 21 level.