"We commend the positive steps taken by NetApp (NTAP) today" says Elliott Associates portfolio...


"We commend the positive steps taken by NetApp (NTAP) today" says Elliott Associates portfolio manager Jesse Cohn in response to news the enterprise storage giant has more than doubled its buyback authorization to $3B (with plans to buy aggressively), initiated a $0.15/share dividend (with plans to increase it), and is planning to cut ~900 jobs. Cohn adds Elliott, an activist investor, owns ~16M NetApp shares (good for a 4.3% stake), and looks forward to "the company's continued commitment to creating shareholder value." Shares +2.7% AH. (previous)

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  • Chris DeMuth Jr.
    , contributor
    Comments (10210) | Send Message
     
    This appears to be history's fastest activist investment success. Elliott shows up and, for what ever reason, NTAP does the right thing.
    21 May 2013, 10:05 PM Reply Like
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