Investors filled McAfee Inc.'s stocking with coal Monday morning after the security-software maker filed long-awaited financial restatements, but said it would not start buying back shares until after it posts results for the current year.
The stock fell 72 cents, or 1.9 percent, to $37.40 after the opening bell.
Cowen and Co. analyst Walter Pritchard said the revised reports contained no "major surprises," and said that a share buyback should start by February. He kept his "Outperform" rating.
As part of the restatement, McAfee (MFE) recorded an additional $137.4 million in pretax, non-cash stock-based compensation charges due to past stock option accounting errors. The charges are mostly related to annual merit grants, grants made to new workers and changes made to employee-option agreements after employment ceased, McAfee said.
Long term, Pritchard remained bullish on the company and said shares should outperform the market by 15 percent in the next year.
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