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Network Associates breaks out of losing streak

Anti-virus software developer Network Associates Inc. (Nasdaq: NETA) picked up 1 1/2, or 8 percent, to 19 9/16 Tuesday after naming former iCast CEO Enzo Torresi to its board of directors.

With volume of more than 15.4 million shares, Network Associates was the Nasdaq's second most actively traded stock.

Before co-founding iCast, which develops Internet broadcasting software, Torresi spent 25 years in the information technology industry at various firms including NetFRAME and Power Computing Corp.

Network Associates shares fell to a 52-week low of 10 1/16 in April after it reported disappointing earnings in its first quarter.

It also warned that it would take a huge loss in its second quarter.

Wall Street wasn't pleased.

The stock fell from $50 in early March to below $11 a share in late April.

Naturally, a flood of shareholder lawsuits rained down on the company.

First Call consensus expects it to lost $1.05 a share in its second quarter and 44 cents a share in the fiscal year.

Thirteen of the 22 analysts following the stock rate it either a "hold" or a "sell."