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EMC

EMC Corporation

5/25/2013, 8:36 PM ET

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Tuesday, May 21, 7:07 PM VMware (VMW, EMC) officially launches its vCloud Hybrid Service, which allows clients to pair on-premise workloads with a VMware-run public cloud infrastructure. VMware claims the service supports more than 90 OS', has high-availability options, and allows public and on-premise workloads to be jointly managed. VMware also says it will offer SAP software, including Hana, "as a subscription service on premise and in the cloud." vCloud Hybrid competes with Amazon Web Services, Microsoft's Azure (perhaps the most direct rival), and Rackspace's OpenStack offerings. ITWorld calls it "ideal for a significant set of enterprise applications," but adds it's "no Amazon killer," given AWS' focus on low cost and ease-of-use. 3 Comments [Tech]
Monday, May 20, 12:49 PM Baird's Jayson Noland downgrades NetApp (NTAP -1.8%) to Underperform ahead of tomorrow's FQ4 report, citing share losses to EMC and others. Noland: "We are not advocating a short position ... due to the possibility of a positive investor reaction to opex rationalization or shareholder friendly use of cash ... We do recommend investors take profits." EMC has "outperformed NetApp" in Baird's reseller checks since Q3 '11, something Nolan attributes to the launch of EMC's VNX mid-range systems, more innovative products, and "increased channel friendliness." He also notes NetApp has been slow to roll out all-flash storage systems. Comment! [Tech, On the Move, Quick Ideas]
Thursday, May 16, 12:16 PM Cisco JV partner EMC (EMC +4.5%) joins the list of companies rallying in response to Cisco's FQ3 beat and guidance. Cisco mentioned on its earnings call integrated hardware solutions such as Vblock (offered by the Cisco/EMC VCE JV) are driving demand for its UCS servers - Cisco's UCS unit saw 77% Y/Y rev. growth. All in all, it's a good day for enterprise IT names, who are happy to receive some good earnings news after getting plenty of bad news (I, II, III, IV). HPQ +1.7%. IBM +1.3%. ORCL +1.3%. VMW +2.6%. TIBX +4.1%. CTXS +3.9%. CRM +3.8%. JIVE +4.1%. NTGR +2.7%. CVLT +2.6%. INFA +3%. (others rallying: I, II) 1 Comment [Tech, On the Move]
Wednesday, May 15, 1:23 AM IDC cuts its 2013 IT spending growth forecast to 4.9% from 5.5%, citing macro issues and weak PC demand; 2012 growth was 5.6%. Gartner, which includes a bigger array of products/services in its numbers, forecast 4.1% growth last month. IDC now sees U.S. software spending (MSFT, ORCL) growing 6%, down from a prior 7%. Storage hardware revenue (EMC, NTAP) is only expected to grow 2.4%, down from 2012's 6.1%, and carrier spending on networking gear (CSCO, JNPR, ALU, CIEN) is expected to grow just 1.1% vs. 5.8% in 2012. Recent earnings reports and warnings (I, II, III, IV) help explain the subdued outlook. 2 Comments [Tech]
Saturday, May 11, 2:22 PM EMC showed off plenty of new software at its EMC World conference, but was light on hardware news. In addition to its ViPR storage management platform, EMC unveiled: 1) An OS update for its Isilon scale-out NAS systems (competes with NTAP) that adds support for data deduplication and the Hadoop big data framework. 2) A Data Protection Suite (competes with SYMC and CVLT) that ties together existing backup/archive software, while allowing for more flexible licensing. 3) The addition of hybrid cloud support for its Syncplicity cloud file-syncing platform. EMC wants to make clear it won't get left behind as a growing amount of storage industry value shifts to software, with much of it residing on servers rather than storage arrays. 1 Comment [Tech]
Tuesday, May 7, 11:41 AM EMC (EMC -0.4%) and VMware (VMW -0.5%) plan to cut 1,800 jobs in a restructuring expected to be finished this year, EMC discloses in its Q1 10-Q. EMC proper expects to cut 1,004 positions (yes, they're that precise), and VMware 800. In January, VMware said it planned to cut 900 jobs in a restructuring; recent asset sales might have lowered that figure. Also: Topeka's Brian White expects EMC to refresh its mid-range VNX storage line at this week's EMC World conference, as well as intro new technology for pooling storage and server resources. (EMC ViPR) Comment! [Tech]
Monday, May 6, 6:17 PM EMC kicks off this year's EMC World conference by announcing ViPR, a software platform for managing both storage hardware and the data found within it (traditional platforms do one or another). Much like software-defined networking platforms, ViPR uses a controller to manage hardware and (at times) services. The ability to provision cloud data services, such as Amazon's popular S3, is also included. With ViPR capable of managing 3rd-party hardware as well as EMC's, the storage giant is hedging against the rapid adoption of commodity hardware, particularly by Web/cloud service providers. Comment! [Tech]
Wednesday, May 1, 11:27 AM VMware (VMW, EMC) continues its housecleaning, selling the assets for its WaveMaker Java cloud app development tool business to startup incubator Pramati (likely for a small sum). The deal comes 2 years after VMware bought WaveMaker, arguing it complements its SpringSource Web app tool unit (now part of the Pivotal Initiative), and 2 months after it unloaded online PowerPoint rival SlideRocket, as it tries to focus on its core virtualization/infrastructure management businesses amidst intensifying competition. Comment! [Tech, M&A]
Wednesday, April 24, 11:20 AM GE is investing $105M to obtain a 10% stake in EMC (EMC +0.9%) and VMware's (VMW -4.7%) Pivotal big data/app development tool spinoff ahead of an IPO; given the valuations assigned to peers, GE might've gotten a good deal. GE and Pivotal are also forming an R&D partnership "aimed at accelerating GE's ability to create new analytic services and solutions," with an eye towards industrial, energy, and healthcare applications. The announcement comes as VMware declines due to soft guidance marked by slumping license growth. EMC is faring better after reaffirming guidance in spite of a Q1 miss. Comment! [Tech, On the Move]
Wednesday, April 24, 7:56 AM More on EMC: Reaffirms 2013 guidance for revenue of $23.5B and EPS of $1.85 vs. a consensus of $23.46B and $1.86. Exc. VMware, Q1 sales +4% Y/Y (+5% in Q4). VMware +13%.(+22% in Q4). Free cash flow of $1.44B, +1%. Information Storage product sales +1%. High-end storage (Symmetrix) +10% vs. +6% in Q4. Emerging Storage (Isilon, Atmos, XtremIO) +24%. No data in PR on mid-range (VNX) sales; were they light? U.S. sales +8%, EMEA +1%, APJC +4%, Latin America +27%. R&D spend +15% Y/Y, above rev. growth. SG&A +4%. EMC -0.7% thanks to VMware's guidance. CC at 8:30AM ET (webcast). (PR) Comment! [Tech, On the Move, Earnings]
Wednesday, April 24, 6:52 AM EMC (EMC): Q1 EPS of $0.39 misses by $0.01. Revenue of $5.39B misses by $0.03B. Comment! [Earnings, Breaking News, Tech]
Tuesday, April 23, 4:17 PM Though VMware's (VMW) Q1 results beat estimates, Q2 guidance is for revenue of $1.21B-$1.24B, below a $1.26B consensus. 2013 guidance is for revenue of $5.12-$5.24B vs. a $5.21B consensus. License revenue is expected to grow 6%-9% in 2013, compared with total revenue growth guidance of 11%-14%. License revenue rose only 1% Y/Y in Q1, whereas total revenue (lifted by services) rose 13%. VMW -6.2% AH. EMC -2.3%. CC at 5PM ET (webcast). (PR) Comment! [Tech, Earnings, On the Move]
Tuesday, April 23, 10:20 AM Storage/hard drive stocks are outperforming, possibly aided by Veeco's Q1 bookings numbers: the company reported hard drive equipment bookings totaled $27M, down 7% Y/Y but up 60% Q/Q in spite of slumping PC demand. Veeco added on its CC (transcript) hard drive customers are "starting to make selective technology buy decisions" once more. STX +2.6%. WDC +2.6%. EMC +1.8%. NTAP +2.7%. XRTX +1.6%. QTM +5.1%. EMC reports tomorrow morning. Also, LED/solar equipment makers Aixtron (AIXG +9%) and GT Advanced (GTAT +2.7%) are getting a lift from Veeco's numbers and bullish Q2 commentary. 2 Comments [Tech, On the Move]
Monday, April 22, 8:03 AM CLSA gives VMware (VMW) a 2-notch downgrade to Underperform just a day before the virtualization giant delivers its Q1 report; the firm's PT has been lowered to $75 from $101. Between VMware's light guidance and soft results from Oracle, SAP, Red Hat, and IBM, expectations have fallen some. UBS offered a more upbeat take last week. Microsoft delivered strong results for its Server & Tools unit last week, but also claimed its Hyper-V virtualization platform was gaining share. Comment! [Tech]
Friday, April 19, 11:17 AM Enterprise IT names continue to underperform following a 1-2 earnings punch from IBM and SAP. Storage-related names are among the decliners, perhaps thanks to the 11% Y/Y drop IBM reported for its storage hardware sales. FIO -2.7%. EMC -2.3%. NTAP -2%. H-P (HPQ -1.4%) could be affected not only by the earnings reports, but by Blackstone's decision to abandon its bid for Dell. 1 Comment [Tech, On the Move]
Thursday, April 18, 5:45 PM Once again this year, some enterprise IT names are falling in AH trading in response to a weak earnings report. This time, the culprit is IBM, which posted a huge revenue miss thanks in large part to a 17% Y/Y drop in hardware sales. Flat software sales didn't help either. Big Blue tried to put much of the blame on deal-closing/execution issues, but the fact U.S. federal and China were named as weak spots might have some investors an edge. EMC -1.3%. HPQ -1.1%. CSCO -0.7%. RHT -1.2%. Comment! [Tech, On the Move]

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