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From the Blogosphere

Net App Rallies on Collins Stewart Upgrade
N/A

Following storage equipment vendor Network Appliance’s (NTAP) better than expected earnings report last week, Collins Stewart analyst Ashok Kumar today upgraded the stock from “Sell” to “Hold,” using the Green Shoots defense: the market for storage equipment “has stabilized, or at least not deteriorating further.”

<>While you might be concerned given that NTAP declined to provide a forecast for the current quarter, Kumar actually thinks that’s a good thing, as it “removes any near term catalyst.” You’d think that if business really is turning a corner, forward “guidance” would be<><><><><><><><>< /><>< /><>< /><>< /><>< />< />...
By  Eric Savitz (Barron's)    05/26/09 Comment


Notable Mergers and Acquisitions of the Day 5/21: NTAP/DDUP, DISK, SUMT
<>
  • NetApp (NASDAQ: NTAP) and Data Domain (NASDAQ: DDUP) entered into a definitive agreement under which NetApp will acquire all of the outstanding shares of Data Domain common stock for $25 per share in cash and stock. The transaction is valued at approximately $1.5B, net of Data Domain’s cash.
    • <>Image Entertainment, Inc. (NASDAQ: DISK) retained Houlihan Lokey Howard & Zukin Capital, Inc. as the Company's exclusive financial advisor. They will assist the Company in analyzing a wide range of strategic alternatives, including potential financing or sale transactions.Image Entertainment gave no...
    By  Street Insider   (+9.67%  risk: moderate)  05/21/09 Comment


    NetApp bulks up on a $1.5 billion deal

    Filed under: Cisco Systems (CSCO), Hewlett-Packard (HPQ), International Business Machines (IBM), Technology

    For NetApp (NASDAQ: NTAP), yesterday was fairly eventful. Not only did the company announce its Q4 earnings but also a $1.5 billion deal to purchase rival storage maker, Data Domain (NASDAQ: DDUP). The transaction comes to $25 per share.

    No doubt, NetApp needs to find growth, as CFOs tighten information technology (IT) budgets. Keep in mind that Q4 revenues fell 6.2% to $879.6 million.

    And Data Domain is definitely a good pick. The company is a top player in the high-growth data de-dupli...
    By  Tom Taulli   (+0.00%)  05/21/09 Comment


    Options Update: Data Domain volatility flat into NTAP $1.5 billion buyout offer

    Filed under: Options

    Network Appliance (NYSE: NTAP) offered to acquire Data Domain (NYSE: DDUP) for $25. DDUP is a provider of duplication storage appliances for disk backup. DDUP June call option implied volatility is at 45, puts are at 56; near its 26-week average of 49, according to Track Data, suggesting non-directional price movement. Puts are more expensive than calls because DDUP is difficult to borrow.

    <>streetTracks Gold Shares (NYSE: GLD) closed at $92.25. Gold is recently is recently up .31% to $940.30 according to Bloomberg. GLD June option implied volatility is at 23; July is at 24...
    By  Paul Foster   (+0.00%)  05/21/09 Comment


    NetApp To Buy Data Domain For $25/Shr In Cash, Stock
    N/A

    NetApp (NTAP) this afternoon announced that it will acquire Data Domain (DDUP) for $25 a share in cash and stock, or $1.5 billion net of DDUP’s cash position. The announcement did not give details on the terms of the deal, which comes at a substantial premium: DDUP closed today at $17.93, up 50 cents, or 2.9%.

    Data Domain provides de-duplication storage systems.

    The company said it will provide details on the deal on its earnings conference call this afternoon.
    By  Eric Savitz (Barron's)    05/20/09 Comment



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