EMC (EMC +5.3%) and 80%-owned VMware (VMW -1.6%) head in opposite directions after the former issued fresh guidance to go with news it's raised its buyback authorization by $5B to a remaining $5.5B, initiated a dividend, and promised to spend $3B on buybacks between now and Q2 2014. Though EMC reiterated its 2013 free cash flow guidance of $5.5B, Stifel thinks the specifics suggest VMware's cash flow estimates are too high. EMC's outstanding authorization, which lasts until the end of 2015, is good for buying 10.5% of shares at current levels. Wells Fargo sees the buybacks lifting 2014 EPS by $0.11. Deutsche sees EMC's dividend rising over time.