Because most of them shorted it at under 13, and are being squeezed.
"VMware continues to be the undisputed leader in the market for X86 virtualization. The VMware's 2006 year-over-year growth was 86%, and Q4 growth was a 101%. And I am confident that VMware will finish 2007 with over $1 billion in revenues. We have great product momentum. In 2006 VMware received 30 awards for innovation and product excellence, this included eWEEK's award for being one of the 25 most influential products over the past 25 years."
VMWare alone worths over $5B, and EMC now has a 2007 P/E near 19, when the earnings growth will be 19%, and revenue growth will be 14%! That is over 40% undervalued AT LEAST, if not 60%!