Stocks on the Move: Symantec Corporation (NASDAQ:SYMC), ConocoPhillips (NYSE:COP)

On Friday, Shares of Symantec Corporation (NASDAQ:SYMC), added 0.36% and closed at $25.10 in the last trading session. The last trading range of the stock ranges between $24.98 and $25.20. Symantec Corp. (SYMC), the global leader in cyber security, recently revealed new research demonstrating how cybercriminal networks are taking advantage of lax Internet of Things (IoT) device security to spread malware and create zombie networks, or botnets, unbeknownst to their device owners.

Symantec’s Security Response team has discovered that cybercriminals are hijacking home networks and everyday consumer connected devices to assist carry out distributed denial of service (DDoS) attacks on more profitable targets, usually large companies. To succeed, they need cheap bandwidth and get it by stitching together a large web of consumer devices that are easy to infect because they lack sophisticated security.

More than half of all IoT attacks originate from China and the U.S., based on the location of IP addresses to launch malware attacks. High numbers of attacks are also emanating from Germany, the Netherlands, Russia, Ukraine and Vietnam. In some cases, IP addresses may be proxies used by attackers to hide their true location.

ConocoPhillips (NYSE:COP), dropped -0.44% and closed at $43.47 in the last trading session. The last trading range of the stock ranges between $43.23 and $44.12. The company’s Market capitalization is $53.60 Billion with the total Outstanding Shares of 1.24 Billion. A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Sooner Insurance Company (Sooner) (Burlington, VT). The outlook of these Credit Ratings (ratings) remains stable.

The rating affirmations reflect Sooner’s excellent risk-adjusted capitalization, history of consistent strong operating profitability driven by favorable underwriting results, conservative reserve levels and the position it holds as the captive insurer for its ultimate parent, ConocoPhillips [NYSE: COP]. The ratings also consider the level of commitment on the part of ConocoPhillips, whose administration incorporates Sooner as a core element in its overall risk administration program.

Partially offsetting these positive rating factors are Sooner’s noteworthyreinsurance credit risk stemming from the large limits offered on its policies and the possible change in the captive’s net retentions that could happen year over year, in addition to the limited diversification of business written, which is expected with a single-parent captive.

Sooner provides property damage, business interruption and general liability insurance to ConocoPhillips and its auxiliaries worldwide.

Leave a Reply

Your email address will not be published. Required fields are marked *