McAfee Rides Security Wave Higher
Shares of McAfee jumped 14% Friday after the security software maker blew past analysts' estimates.
McAfee's sales to consumers more than doubled in the first quarter, driving the company's earnings to 27 cents a share, 8 cents better than analysts expected. Overall revenues climbed 7.8% to $236 million, nearly $20 million better than forecast.
The company also raised full-year guidance on expectations that strong security spending will continue. The company expects full-year earnings of $1.15-$1.20 a share on sales of $955-$975 million.
McAfee's results followed a strong report from Symantec earlier in the week.
Stocks finished mixed Friday after a much stronger than expected April jobs report renewed inflation fears.
The Nasdaq rose 5 to 1967, the S&P 500 lost 1 to 1171, and the Dow added 5 to 10,345. Volume declined to 1.7 billion shares on the NYSE, and 1.54 billion on the Nasdaq. Decliners led 15-16 on the NYSE, while advancers held a 15-14 edge on the Nasdaq. Upside volume was 50% on the NYSE, and 64% on the Nasdaq. New highs-new lows were 78-35 on the NYSE, and 46-85 on the Nasdaq.
Monster jumped 7% on the strong jobs report.
Rumors of a merger between E*Trade and Ameritrade drove both stocks higher.
ClickCommerce and Jamdat Mobile soared on their results, and Blue Coat and Tier Software surged on their reports.
Sina, UTStarcom, Pomeroy and S1 fell on their results.