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Filed under: Earnings reports

With the global economy ailing, companies are scrambling to cut costs. But some companies continue to post hefty growth rates.

Just look at Data Domain (NASDAQ: DDUP), which develops next-generation storage systems. For Q3, the company saw its revenues spike 134% to $75 million (it was a 23% sequential growth rate). Net income was $3.2 million or $0.05 per share. Operating cash flow came to $22 million.

Then again, Data Domain continues to rack up customers, with 355 new accounts in Q3. In all, the company has more than 2,500 customers.

Data Domain is getting lots

Filed under: Analyst upgrades and downgrades, Penney (J.C.) (JCP), CBS Corp 'B' (CBS), Alcatel-LucentADS (ALU), Starwood Hotels Worldwide (HOT), Marriott Intl'A' (MAR), Analyst initiations, Lloyds TSB Group plc ADS (LYG)

Analyst upgrades:

• JMP Securities upgraded Vertex Pharma (NASDAQ: VRTX) to Outperform from Market Perform following better-than-expected interim data for telaprevir.
  
• Lazard Capital upgraded shares of Biogen Idec (NASDAQ: BIIB) to Buy from Hold on valuation after their physician survey indicated solid sales growth in the company's MS franchise.
  
• Calyon upgraded Data

Filed under: Analyst upgrades and downgrades, Penney (J.C.) (JCP), CBS Corp 'B' (CBS), Alcatel-LucentADS (ALU), Starwood Hotels Worldwide (HOT), Marriott Intl'A' (MAR), Analyst initiations, Lloyds TSB Group plc ADS (LYG)

Analyst upgrades:

• JMP Securities upgraded Vertex Pharma (NASDAQ: VRTX) to Outperform from Market Perform following better-than-expected interim data for telaprevir.
  
• Lazard Capital upgraded shares of Biogen Idec (NASDAQ: BIIB) to Buy from Hold on valuation after their physician survey indicated solid sales growth in the company's MS franchise.
  
• Calyon upgraded Data

The Street continues to come to grips with the arrival of slower IT spending. As I noted in an earlier post, RBC Capital this morning lowered their outlook on a host of stocks to reflect an eroding outlook for IT spending. As it turns out, Pacific Crest’s tech analysts today made a similar move, downloading four tech stocks and reducing estimates and/or price targets on various others.

Pacific Crest’s Brent Bracelin cautioned in a research note that data center related spending could slow to 2% growth in 2009 from 6% in 2008. And he sees second half 2008 spending falling below normal seasona

Riverbed (RVBD), which made its mark in wide-area network optimization, earlier this week unveiled a move into an entirely new area designed to improve the efficiency of enterprise storage. If the new product catches on, the implications are ominous for enterprise storage providers like NetApp (NTAP) and EMC (EMC).

Riverbed calls its new product Atlas, and says it can eliminate up to 95% of redundant data in corporate storage systems. In a release earlier this week, the company asserted that the Atlas appliance “will do for its customers’ data at rest” what the company’s Steelhead products “