Afternoon Market Update (EBAY, INTC, MFE, PETM)
Moody's Investors Service has raised the issuer rating of eBay Inc (NASDAQ: EBAY) from “A3” to “A2” to reflect the company's strong performance and credit metrics through the period of economic downturn. Moody's said, "The upgrade reflects eBay's solid debt protection measures that are derived from its strong market positions in its online marketplaces and payments segments."
Intel Corp (NASADQ: INTC) has announced a deal to buy McAfee Inc (NYSE: MFE) for about $7.7 billion or $48 per share in cash. The offer values the MFE’s shares at a 60% premium to yesterday's closing price. Paul Otellini, Intel's President and Chief Executive Officer, said, "With the rapid expansion of growth across a vast array of Internet-connected devices, more and more of the elements of our lives have moved online." INTC’s shares lost about 3.5%, while the shares of MFE jumped about 57% following the news.
Shares of PetSmart Inc (NASDAQ: PETM) advanced more than 7% after the company posted a 24% y/y rise in its Q2 profit. The company also raised its earnings guidance for the full-year to a range of $1.91 to $1.99 per share, up from the analysts’ estimate of $1.90 per share.
Read more from Benzinga's Company news.
