McAfee shares soar after 3Q results

NEW YORK - Shares of McAfee Inc. surged Friday after the computer security software maker posted better-than-expected third-quarter results showing, as one analyst put it, "no signs of economic weakness."

Robert W. Baird analyst Steven Ashley said the company saw solid performance in both its consumer and corporate businesses in all geographies.

"The results are even more impressive when juxtaposed against (rival) Symantec's recent (quarterly results)," he wrote. Earlier this week, Symantec Corp. issued an adjusted profit outlook shy of analysts' expectations, though adjusted earnings surpassed estimates.

Ashley, who rates McAfee "Outperform," said while McAfee's billings grew 4 percent year over year, Symantec's declined 10 percent.

Deutsche Bank analyst Todd Raker called McAfee's results "solid across the board." He kept a "Buy" rating on McAfee and said he continues to recommend it as his top pick among computer security companies.

"We believe several successful partnerships targeting both the consumer and corporate markets have the potential to generate accelerated revenue growth," he wrote.

Shares of the Santa Clara, Calif.-based company jumped $4.65, or 16.8 percent, to $32.40 in afternoon trading. The stock is down about 15 percent since the start of the year, and it has traded in a 52-week range of $24.72 to $41.66.

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