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Shares of Dell Technologies Class V, the tracking stock for VMware, rallied for the second straight session on news that activist investor Carl Icahn has bought shares and optimism that a deal can be struck on favorable terms with the privately held Dell. The shares of the Dell tracker (DVMT) gained $1.89, to $80.70, on Monday after rising $4.50, or 6%, on Friday. The gain Friday came after Dell disclosed in a filing that it was considering a combination of Dell and the tracking stock as one of several corporate actions now being weighed by the company, which is controlled by Michael Dell and Silver Lake Partners.
Carl Icahn reveals the size of his position in VMware on CNBC's "Halftime Report" Monday.
Here are some things going on today in the world of tech: Shares of Snap (SNAP) are up 23 cents, or 2%, at $10.82, after Michael Nathanson with the boutique MoffettNathanson research house raised his rating on the shares this morning to Neutral from Sell. Nathanson concluded “several factors could potentially improve Snap’s situation throughout the year, including the redesign of the app redesign, completion of the shift to a programmatic advertising model, launch of the new Android app, and a leaner organizational structure." Nathanson thinks it’s time to unwind the short thesis given what could be an improving story for the stock. After cutting his estimates for this year’s revenue by 40%, to $1.17 billion, he finds the stock is “still crazy expensive at 12 times 2018 revenue,” but that as the company “reverses” its “ill-conceived redesign, user growth will improve which could help the narrative." Shares of memory-chip technology firm Micron Technology (MU) are up $1.96, or almost 4%, at $55.35, after the company this morning hiked its quarterly outlook for revenue and profit well above what it predicted back on March 22.
Cisco repurchased shares worth $6.0 billion and paid dividends of $1.6 billion during the quarter. Cisco’s dividend per share rose to $0.33 in the third quarter, indicating an annualized payout of $1.32, a rise of 14% YoY (year-over-year) compared to dividends of $0.29 in the second quarter. Cisco has a dividend yield of 2.9%, and the firm has increased dividend yields for the last seven years.
Cisco Systems (CSCO) reported its fiscal third-quarter numbers on May 16. While the company beat earnings and revenue estimates, tepid guidance led its stock to fall 4.3% in after-hours trading on Wednesday.
The key stock indexes dipped for the week as Walmart, Cisco, Applied Materials earnings disappointed. Small caps and crude oil rallied. Macy's soared, but not its rivals.
The U.S. Supreme Court last week effectively ended the ban on sports betting, and it’s about time. Inverse-volatility ETFs, which blew up spectacularly when volatility unexpectedly spiked in February, are examples of derivatives, which Pope Francis criticized last week.
Dell is talking with the holders of its DVMT tracking stock to gauge their opinion on if they want a full merger between VMware and Dell. Tracker stock holders currently own shares that track the performance of VMware but not the rest of Dell's business. A deal with VMware could theoretically be done in stages, with step one eliminating the tracker and step two merging Dell and VMware.
According to NetApp (NTAP), the data-driven digital transformation seen across industry verticals has accelerated business outcomes. This has resulted in an increase in profitability and contributed to top line revenue growth.
Cisco Systems’ (CSCO) application business segment revenue rose 19% YoY (year-over-year) to $1.3 billion in the quarter ended in April. This business accounts for 10.5% of total revenue for Cisco and was Cisco’s fastest-growing business in the third quarter. Cisco Systems’ Applications business includes revenues from its collaboration vertical as well as analytics and IoT (Internet of Things).
U.S. stock markets ended lower on Thursday after President Donald Trump expressed doubts about the possibility of successful trade negotiations with China
Dell Technologies, the private company controlled by Michael Dell, is considering a combination with Dell Technologies class V, the tracking stock for VMware, based on a filing late Thursday. Such a combination, which would require the approval of two independent Dell directors and a majority of the tracker holders, could be bullish for the tracker if the terms are favorable. Tracker investors, however, may balk at a deal that gives them a stake in the highly leveraged Dell.
Nokia (NOK) has high expectations for SpaceTime Insight, although it didn’t reveal what it paid to acquire the business. SpaceTime Insight is expected to be part of the Nokia Software business group, which offers a range of software solutions in areas including customer experience management, IoT (Internet of Things), and collaboration.
Cisco Systems’ (CSCO) security business segment revenue rose 11% YoY (year-over-year) to $583 million in April. This business accounts for 4.7% of total revenue for Cisco and is one of the firm’s high growth businesses. Cisco has made security a feature in all of its products and services.
Hewlett Packard Enterprise (HPE) stock has returned 18% in the last 12 months. The stock has remained flat in the last month and the last five trading days. HPE stock rose 60% in 2016 and 8.5% in 2017. Year-to-date, it has risen ~21%. Peers IBM (IBM), VMware (VMW), NetApp (NTAP), and Microsoft (MSFT) have returned -5%, 49%, 70%, and 42%, respectively, in the last 12 months.
The Dow Jones Industrial Average fell Thursday as investors seemed unfazed by upbeat earnings and more concerned with renewed trade tensions that could disrupt the global economic upswing that has fueled the stock-market rally. Walmart and Cisco Systems led the blue-chip index lower, despite reporting strong quarterly earnings. “President Trump’s comments today have contributed to a continued lack of clarity on trade,” said Emily Roland, head of capital markets research at John Hancock Investments.
As CEO Michael Dell weighs whether to combine his privately held Dell Technologies with VMware, a software company that is 82% owned by Dell, some holders of the Dell tracking stock for VMware are sketching out a merger scenario that could be beneficial for all three of the major stakeholders. The idea is to create sufficient value in a combined company that would please Michael Dell and Silver Lake Partners, the public holders of VMware, and the Dell tracker holders. A deal would require that a value be placed on the private Dell, a tricky proposition given its high debt load of $48.7 billion and disappointing financial results since it was created from the merger of Dell and storage maker EMC in September 2016.
Viktor Vekselberg, the Russian oligarch at the center of a widening scandal over influence peddling by President Donald Trump 's lawyer Michael Cohen , has been banned from doing business in America under U.S. sanctions. Named for Renova Group, Vekselberg's sanctioned Russian holding company, the Renova Fort Ross Foundation was established in 2010 to preserve an unlikely historic landmark: a California state park situated along the state's wild northern coastline two hours north of San Francisco.