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Stock Market & Financial Investment News

News Breaks
February 19, 2013
09:03 EDTEMC, CSCCSC names Dan Hushon Chief Technology Officer
CSC (CSC) named Dan Hushon chief technology officer. Hushon previously served as a distinguished engineer and chief technologist for EMC Corporation (EMC) and Sun Microsystems.
News For CSC;EMC From The Last 14 Days
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September 1, 2015
14:51 EDTEMCVMWare impresses at investor day, denies downstream merger plan
Shares of VMware (VMW) are edging higher in Tuesday's down market after its analyst day on Monday, during which CEO Patrick Gelsinger replied to a report of a "downstream" merger consideration involving parent company EMC (EMC). WHAT'S NEW: VMware saw numerous bullish mentions followings its 2015 financial analyst day on Monday. Notably, Baird's Jayson Noland upgraded the shares to Outperform from Neutral while maintaining his $95 price target, saying VMware CEO Patrick Gelsinger took the opportunity to "essentially" squash reports of a downstream merger with EMC. Additionally, Noland said channel feedback has seen improvement amid just modest investor expectations, producing an "attractive entry point" for those looking to invest in what the analyst called the "best positioned" software infrastructure firm. Separately, Pacific Crest's Rob Owens highlighted "maturing" opportunities in VMWare's hybrid cloud technology as the company shifts its business model towards recurring revenue streams. The hybrid cloud vision, said Owens, is "paying off" for the company. MERGER REPORT: Re/code's Arik Hesseldahl first reported on August 5 that EMC and VMware were considering a transaction under which VMware would buy parent company EMC. On August 26, Hesseldahl again quoted sources saying EMC was "actively considering" the downstream merger idea, though CEO Joe Tucci was said to prefer to simply buy out the remaining 20% stake in VMWare in a "spin-in" deal. Monday's analyst event saw VMWare CEO Gelsinger contend that a downstream transaction is not a serious consideration. Research firm Baird appeared to appreciate the commentary, saying the news is a relief for VMware shares and adding that a spin-in could provide additional revenue synergies for the companies. Bank of America Merrill Lynch somewhat echoed Baird's comments in remarking that Gelsinger's comments -- made in the presence of an EMC board member -- look like "solid confirmation" to close out the downstream merger speculation. PRICE ACTION: Shares of VMWare are fractionally higher in today's down market, while EMC has followed market trends with a roughly 2.7% intraday loss.
13:16 EDTEMCEMC says XtremeIO achieves $1B in aggregate bookings
EMC says XtremIO achieves $1B in aggregate bookings in just six quarters on the market. Says all flash array amasses over 1,750 customers, including 60% of the Fortune 100 and 47% of the Fortune 200.
10:04 EDTCSCOn The Fly: Analyst Upgrade Summary
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09:16 EDTCSCCSC upgraded to Overweight from Equal Weight at Barclays
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08:14 EDTCSCCSC acquisition positive, says SunTrust
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08:11 EDTEMCVMware upgraded to Outperform at Baird
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06:24 EDTEMCVMware cash flow commentary implies 27% growth, says Jefferies
Jefferies analysts John DiFucci and Brad Zelnick say VMware's (VMW) cash flow commentary yesterday at its analyst day imply at least 27% growth in FY16. VMware CEO Pat Gelsinger noted that talk around him proposing a downstream merger with EMC (EMC) to the board is false, the analysts note. They keep a Buy rating on the stock with a $104 price target.
August 31, 2015
17:59 EDTEMCEMC downstream merger proposal originated with VMware CEO, Hesseldahl says
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16:53 EDTCSCCSC to combine government services unit with SRA
CSC announced that it has entered into a definitive agreement to combine its government services unit, Computer Sciences Government Services, with SRA upon the spin-off of that unit, plans for which were announced in May. SRA is owned by a shareholder group led by Providence Equity Partners and SRA's founder, Dr. Ernst Volgenau, as well as members of its management team. The transaction with SRA is targeted to close before the end of November 2015, upon the separation of CSC's government services unit. That separation is intended to qualify as a tax-free transaction to CSC shareholders. The combined company, to be named prior to closing, will become the largest pure-play IT services provider serving the U.S. government sector, with combined FY15 revenues of approximately $5.5B, nearly 19,000 employees and among the industry's leading profit margins. Mike Lawrie will serve as Chairman of the Board of the combined company. Lawrence Prior, executive vice president and general manager of CSC's North American Public Sector unit, will be CEO of the company upon completion of the spin-off and transaction with SRA. Additional members of the new company's management team drawn from both companies will be named at later dates as the integration planning progresses. The headquarters of the combined company is expected to remain in Northern Virginia.
15:23 EDTEMCVMware says downstream merger of EMC not a serious consideration, Bloomberg says
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11:38 EDTEMCVMware CEO says 'federation' structure best for company
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08:32 EDTCSCCSC team wins FAA cloud services contract at more than $108M
CSC (CSC) announced that the FAA awarded its team, including Amazon (AMZN) Web Services, Microsoft (MSFT) Azure and other strategic business partners, a contract to deliver cost-effective cloud services, data center consolidation and cloud migration capabilities. This single-award indefinite-delivery/indefinite-quantity contract is valued at roughly $108.99M with the potential to reach $1B over 10 years. Under the contract, CSC's team will consolidate FAA data centers and migrate FAA data and systems to a hybrid cloud environment. The team will use the CSC Agility Platform cloud management tool to orchestrate efficient cloud deployment while leveraging alliance partners for data and cloud services.
August 26, 2015
16:26 EDTEMCOn The Fly: Top stock stories for Wednesday
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15:27 EDTEMCVMware falls after report EMC board weighing downstream merger proposal
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12:47 EDTEMCOn The Fly: Top stock stories at midday
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12:08 EDTEMCEMC Federation departures suggest changes coming, says Raymond James
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11:50 EDTEMCEMC-VMware report shows board knows status quo 'not an option,' says Wells Fargo
After Re/code's Arik Hesseldahl reported that EMC's (EMC) board is "actively considering" a downstream merger proposal under which it would be acquired by VMware (VMW), Wells Fargo analyst Maynard Um said he views the most important takeaway to be that the board views maintaining the status quo as "not an option" amid the rapid shift in the industry. Um thinks an EMC buy-in of VMware, which the report contends is the preferred option of EMC CEO Joe Tucci, presents a cleaner path with less variables but says that in either case it "seems clear that something will happen," which he views as a positive.
09:25 EDTEMCOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Abercrombie & Fitch (ANF), down 15.1%... Express (EXPR), up 9.8%... Frontline (FRO), up 10.4%... Chico's FAS (CHS), up 9.3%. ALSO HIGHER: Oshkosh (OSK), up 11.9% after being awarded a $6.7B contract by the U.S. Army... EMC Corporation (EMC), up 5.8% after Re/code reported that the board is considering a VMware (VMW) downstream merger proposal... Google (GOOG), up 4.6% after being upgraded to Conviction Buy from Neutral at Goldman... Ford (F), up 2.4% after Bloomberg reported that the company is considering returning production of Bronco and Ranger to the U.S. NOTABLE: Cameron International (CAM), up 45.4% after announcing that it will be acquired by Schlumberger (SLB). Schlumberger is down 1.9%. LOWER: WisdomTree (WETF), down 3.6% after being downgraded to Sell from Buy at Citi... Transocean (RIG), down 3.4% after proposing to cancel Q3 and Q4 dividends.
08:23 EDTEMCEMC board 'considering' VMware downstream merger proposal, Re/code reports
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07:01 EDTEMCNimble Storage reported another 'solid' quarter, says Summit Research
Summit Research analyst Srini Nandury called Nimble Storage's (NMBL) quarterly results "solid," highlighting the company's report of strong demand, higher deal sizes and addition of an all-time high 690 new customers. The firm, which said it expects Nimble to gain share from both EMC (EMC) and NetApp (NTAP) "in short order," reiterates its Buy rating and $40 price target on Nimble shares.
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