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UPDATE: Symantec bonds track the steep decline in its stock, sending spreads sharply wider

Symantec Corp.'s SYMC, -33.10% bonds tracked a steep decline in its stocks Friday, after the cyber-security software company stated its audit committee is carrying out an interior investigation into claims made by means of a former employee, but declined to respond to any questions about its profits name. Adding to the gloom, the company presented a weaker-than-expected forecast for the current fiscal year and quarter. At least five fairness analysts downgraded the stock at the news, sending it down 34% in early business for its greatest decline in 17 years. The bonds promptly adopted swimsuit. Spreads at the 3.950% notes that mature in 2022, widened by means of 129 foundation points to 244 foundation points over Treasurys, in keeping with MarketAxess. The value fell virtually five points to 95.175 cents at the buck to yield five.278%. CreditSights analysts reiterated their market perform ranking at the bonds and stated they'd glance so as to add publicity in the event that they widen. "We're pleased by Symantec's repayment of $570 million of debt in F4Q18 and plan to continue repaying debt in FY 2019," they wrote. Regarding the company's profits, they stated that in spite of disappointing fiscal 2019 steerage, "we continue to believe the company is on on the right track in terms of transforming and turning around its business."