McAfee, Symantec eye iPhone products

* McAfee, Symantec plan new products for Apple's iPhone

* McAfee CEO says business improved in May over April

* McAfee CEO reiterates outlook for June quarter

* Symantec's HP contract up for renewal within 12 months

(Adds iPhone products, HP talks, background)

By Jim Finkle and Ritsuko Ando

BOSTON/NEW YORK, May 14 (Reuters) - McAfee Inc (MFE.N) said its business improved in May from April and, like larger rival Symantec Corp (SYMC.O), the security software maker is developing products for Apple Inc's (AAPL.O) popular iPhone.

McAfee Chief Executive Dave DeWalt, speaking to Reuters a day before the company's investor day in New York, also said the No. 2 security software maker is sticking to its earnings target for the current quarter.