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Stock Market & Financial Investment News

News Breaks
August 5, 2014
08:47 EDTWDC, CVLT, STX, NTAP, DTLK, NMBL, EMCIT storage sector looks set to rebound in 2H14, says Pacific Crest
Pacific Crest believes that positive supply chain commentary from a number of companies including Seagate (STX), Datalink (DTLK) and Western Digital (WDC), along with positive results from the firm's CIO survey, suggest that the storage sector will recover in the second half of 2014. The firm remains upbeat on EMC but sees more upside in NetApp (NTAP), CommVault (CVLT), and Nimble Storage (NMBL). The firm keeps Outperform ratings on EMC, NetApp, CommVault, and Nimble Storage.
News For EMC;NTAP;CVLT;NMBL;STX;WDC;DTLK From The Last 14 Days
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October 9, 2014
08:11 EDTWDCWestern Digital and Gobbler partner for cloud collaboration platform
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06:55 EDTEMCAnalyst says PC company likely to get much of HP debt, Re/code reports
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October 8, 2014
14:46 EDTEMCEMC comments on letter issued by Elliott Management
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14:30 EDTSTX, WDCSeagate confirms court affirms arbitration award from Western Digital
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13:08 EDTWDC, STXWestern Digital to pay $630.4M award to Seagate after court ruling
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12:46 EDTSTXSeagate mentioned positively regarding a contract win at Craig-Hallum
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11:04 EDTEMCEMC advances after activist letter, report on HP merger talks
Shares of EMC (EMC) are rising slightly in a down market after activist investor Elliott Management disclosed that it wrote in a letter to the company's board that it had heard of "acquisition interest in EMC's assets on the part of several large companies." The firm called on EMC to pursue M&A opportunities and spin off its VMware (VMW) subsidiary. WHAT'S NEW: Since July, several large companies have expressed "acquisition interest" in EMC's assets, Eliiott wrote. Acquisitions of EMC's assets by these companies would be logical from a strategic perspective, the firm added. The parties that have expressed interest could afford to buy all of EMC or a number of its assets, according to Elliott. EMC should look to spin off VMware because owning VMware is holding down the value of EMC's stock and damaging its relationship with its customers, the investor stated. VMware is hurting EMC by competing with EMC's customers, Elliott explained. Elliott Management noted that is affiliates collectively own or have economic exposure to about 2.2% of the common stock and equivalents of EMC. WHAT'S NOTABLE: HP (HPQ) and EMC are still conducting due diligence on a potential merger, CNBC's David Faber reported this morning, citing sources. A deal is unlikely, but still possible, and would include a buy-in of VMware, Faber added. PRICE ACTION: In mid-morning trading, EMC rose 0.3% to $28.20, VMware slid 0.9% to $90.59 and HP dropped 1.2% to $34.80.
09:53 EDTEMCHP, EMC still doing due diligence on potential deal, CNBC reports
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09:49 EDTEMCHP, EMC merger unlikely but still possible, CNBC's Faber says
09:48 EDTEMCHP, EMC still doing work on potential deal, CNBC reports
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08:55 EDTEMCEMC rises after VMware separation urged by Elliott Management
Shares of EMC Corp. (EMC) are higher in pre-market trading after investor Elliott Management, affiliates of which collectively own or have economic exposure to about 2.2% of the common stock and equivalents of EMC, sent a letter to the company's board detailing the firm's recommendations, including a separation of VMware (VMW) from Core EMC. Shares of EMC are up about 1% to $28.39 following Elliott's public disclosure of its letter to the company's board.
08:54 EDTEMCElliott Management urges separation of VMware from EMC
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08:31 EDTEMCElliott Management sends letter to EMC board
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07:45 EDTNMBLNimble Storage discount to peers unwarranted, says Wunderlich
Wunderlich believes Nimble Storage shares are being undervalued due to macroeconomic concerns that will have minimal or no impact on the company, making the stock attractive compared to other high-growth data center infrastructure players. The firm thinks Nimble will continue to move up-market by significantly enhancing its offerings and maintains its Buy rating and $37 price target on the stock.
October 7, 2014
08:09 EDTEMCHP undisclosed info seen pointing to life in EMC talks, Bloomberg reports
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07:03 EDTEMCEMC valuation of $39 per share achievable, says RBC Capital
RBC Capital valued each of EMC's business lines separately following recent spin-offs in the tech space and concluded that fair valuation of $39 per share is achievable. RBC believes shares are positioned to break out of a long held trading range and that now is an appropriate time for the company to look at strategic alternatives with CEO Joe Tucci retiring in February 2015. The firm has an Outperform rating on EMC with a $33 price target.
October 6, 2014
11:02 EDTEMCHP rises as split viewed as potential prelude to deals
Shares of HP (HPQ) are climbing after the company announced that it would split itself into two publicly traded companies. Analysts were mostly upbeat on the news and tech news website Re/code said that the two companies would be "in deal-making mode" following the split. WHAT'S NEW: HP this morning said it would split itself into two companies by the end of its fiscal 2015. One company will include HP's technology infrastructure, software and services businesses, to be known as "Hewlett-Packard Enterprise," while the other will include the company's PC and printing businesses and be called "HP Inc." Meg Whitman, who is currently the CEO of HP, will become CEO of Hewlett-Packard Enterprise and chairman of HP, Inc. ANALYST REACTION: Shareholders will likely view the move positively, as limited synergies exist between HP's enterprise business and its PC and printing business, Deutsche Bank analyst Sherri Scribner wrote. Moreover, the forward price to earnings ratio of the enterprises unit, whose margins are set to expand, are more likely to reach close to 11x following a split, in-line with the multiple of Xerox (XRX) and CSC (CSC), the analyst contended. Noting that HP remains one of the cheapest names in the S&P 500, Scribner kept a $40 price target and Buy rating on the shares. The split is "a bold and smart move" by HP that will give it the financial flexibility needed to sell off one or both of the PC and printing businesses, wrote Cantor analyst Brian White. The shareholders of EMC (EMC), which reportedly had been in discussions about merging with HP, would have difficulty accepting HP's printer and PC business, according to White. The analyst raised his price target on HP to $39 from $34.50 but kept a Hold rating on the stock. WHAT'S NOTABLE: Both Hewlett-Packard Enterprise and HP Inc. will "be in deal-making mode" after the split, Re/code stated. HP Inc. is likely to draw attention from both Dell and China's Lenovo (LNVGY), which were both approached by HP about a possible deal over the last year, the website stated. Meanwhile, Hewlett-Packard Enterprise could restart dormant merger talks with EMC, while Dell and Cisco (CSCO) could emerge as bidders and offer shareholders of both Hewlett-Packard Enterprise and EMC better terms, Re/code stated. However, Cisco has carried out a more conservative M&A strategy lately, while its CEO, John Chambers, who is preparing to retire soon, said the company would not be interested in buying EMC, Re/code noted. PRICE ACTION: In mid-morning trading, HP jumped 4.6% to $36.83, while shares of EMC were down fractionally.
10:39 EDTEMCHP price target raised to $39 from $34.50 at Cantor
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08:36 EDTSTXSeagate, Intel invest in hybrid storage company Reduxio
Hybrid storage start-up Reduxio Systems announced that it has closed a $15M Series B funding, led by Seagate Technology (STX) and joined by existing investors Jerusalem Venture Partners, Carmel Ventures and Intel Capital (INTC). In conjunction with this investment, Seagate will obtain a seat on the Reduxio Board of Directors, the company stated.
06:38 EDTEMCSpun off HP companies could be takeover targets, Re/code says
After HP (HPQ) splits into two publicly traded companies, both of those companies could become takeover targets, according to Re/code. The PC and printing unit could interest Dell or Lenovo (LNVGY), while Hewlett-Packard Enterprises could merge with EMC (EMC) and/or become a target for Dell and Cisco (CSCO), the website stated. Reference Link
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