McAfee Profit Plunge Destroys Tech Stocks


You’d think a company known for anti-virus products wouldn’t be a market mover.

But here we are, watching the technology companies plummet like seagulls full of Alka-Seltzer. Right now, shares of McAfee (MFE) are down 7% after the company reported a 25% drop in profit, which is nothing to scoff at.

Marketwatch: “We think the street will view these results as disappointing,” Deutsche Bank analyst Todd Raker said in a note. “It appears the macro has muted some of this momentum near-term, but remain encouraged that results will improve as the PC market and IT spending rebound.”

The few firms who aren’t swimming in red yet include Oracle (ORCL), Sirius-XM Satellite Radio (SIRI), and DirecTV (DTV).

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