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McAfee Earnings Climb; ETFs With INTC Should Benefit Soon
By Market News Video Staff, Thursday, October 28, 8:18 PM ET
McAfee (MFE) reported strong third quarter earnings on Thursday afternoon of $523 million, or 67 cents per share. These earnings beat Wall Street estimates of $514 million and were almost 9% higher than the same quarter last year. This news bodes well for Intel (NASDAQ:INTC) which is finalizing the acquistion of McAfee and is expected to close sometime in mid-2011.
The two ETFs with the largest percentage of their portfolio in shares of MFE are the iShares S&P North American Technology-Software Index Fund (AMEX:IGV) with 3.45% and the Internet HOLDRs ETF (HHH) with 4.76%. McAfee is the sixth largest holding in HHH, though the two largest components - Amazon.com (NASDAQ:AMZN) and eBay (NASDAQ:EBAY) - total more than 63% of the portfolio.
With the $7.7 billion Intel acquisition expected to close next year, the Semiconductor HOLDRs ETF (AMEX:SMH) should begin to realize some of these benefits too as the fund's second largest component is Intel with a 20.64% weighting.
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