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To: stockman_scott who wrote (26648)	12/15/2005 6:15:05 PM
From: bob zagorin	Read Replies (2) \| Respond to of 57684

GS on SYMC just out... Symantec Corp. EPS (FY Mar) 2006E $0.84, 2007E $1.01 Outperform/Attractive (SYMC) $17.74 This morning SYMC announced a number of accounting misclassifications. The co. will reclassify $145m related to stock repurchase activities from other accrued expenses in cash from ops to repurchases of common stock in cash from financing. Secondarily, the company announced an immaterial reclassification to the split between license and content, subscription and maintenance revs. With license rev slightly overstated and vice versa. Bottom-line there is no change to previously reported rev, EPS or cash on the balance sheet. SYMC maintained full year guidance for cash flow in the $1.6-$2bn range. The true result of the announcements is to re-flag to investors the complexity of integrating these two sizable entities. The issue is also aggravated by the current CFO change. With no change to our DCF valn, and checks which show biz is tracking in line with typical seasonal patterns, reit OP.