McAfee (MFE) NewsBite - MFE Lower on SYMC Forecast

Posted: Thursday, October 30, 2008 1:45 PM EDT

McAfee (NYSE: MFE) opened at $28.83. So far today, the stock has hit a low of $24.72 and a high of $29.31. MFE is now trading at $25.09, down $2.58 (-9.32%). Over the last 52 weeks the stock has ranged from a low of $25.22 to a high of $41.66. MFE shares are declining today after competitor Symantec (SYMC) posted a third-quarter profit forecast below analysts' projections. MFE reports earnings today after market close. Technical indicators for the stock are neutral and S&P gives MFE a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on MFE the stock seems like it could be a candidate for a November out-of-the-money bear-call credit spread above the 30 range. [ABR-Seven Summits Strategic Investments NewsBite]

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