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Thursday, May 16
Goldman is working with NetApp (NTAP) to explore options, Bloomberg reports in an updated...
Goldman is working with NetApp (NTAP) to explore options, Bloomberg reports in an updated version of its story about Elliott Associates' stake. Not surprisingly, Elliott is said to be pushing NetApp to return cash, and to be proposing a new director slate. NetApp ($13.9B market cap) had $6.7B in cash/investments on its balance sheet as of Jan. 24, and $2.2B in debt. The company doesn't pay a dividend. Piper believes NetApp is planning to cut 1,300 jobs (~10% of its workforce) in underperforming areas such as its Engenio high-performance storage unit (acquired in 2011 from LSI). Shares +1.6% AH after jumping 6.1% in regular trading.