Jul 3, 2019

Broadcom in advanced talks to buy Symantec for more than $15 billion

Illustration: Aïda Amer/Axios

Broadcom is in advanced talks to buy Symantec for more than $15 billion, as first reported by Bloomberg.

Why it matters: Symantec is the world's largest provider of cybersecurity software.

  • What we're seeing: Symantec shares jumped in early trading, giving it a market cap of nearly $16 billion. No surprise there, as investors often expect a premium to the leaked premium. Broadcom shares are down more than 3%, perhaps over fears that this could be like the last time a chipmaker paid big for a cybersecurity company (i.e., Intel buying McAfee, and then later selling it at a major discount to TPG).

The bottom line: Broadcom is using M&A to move deeper into software than into its core competency of chips, after last year being blocked by regulators from buying Qualcomm but permitted to buy CA Technologies.

Go deeper: Computer chips are still "Made in USA"

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More states issue stay-at-home orders as coronavirus crisis escalates

Data: Axios reporting; Map: Danielle Alberti/Axios

Florida and Georgia governors ordered all residents to stay at home late Wednesday, with exceptions for those engaged in essential services, including health care and government functions.

The big picture: In a matter of weeks, the number of states that issued orders nearly quadrupled, affecting almost 300 million Americans.

Go deeperArrowUpdated Apr 2, 2020 - Health

White House recommends Americans wear masks in public

New Yorker wearing a homemade face covering. Photo: Selcuk Acar/NurPhoto via Getty Images

The White House announced that the CDC is recommending Americans wear cloth masks or face coverings in public to help stop the spread of the coronavirus, President Trump said at a press briefing on Friday — emphasizing the guidance is "voluntary."

Why it matters: The use of face coverings could stop people who have the virus, whether they have symptoms or not, from spreading it further when they go out in public.

Trump calls to fill up more places with oil

President Trump is calling on the Energy Department to find more places to store oil, in the wake of rock-bottom prices and an ensuing economic collapse of the sector itself.

Driving the news: Trump’s comments came Friday during a televised portion of a meeting he hosted with industry CEOs to discuss ways to help the sector. It’s reeling from a historic drop-off in demand with the world shutting down to slow the spread of the coronavirus.