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Fly News Breaks for August 7, 2015
NTAP, HPQ, VMW, EMC
Aug 7, 2015 | 06:14 EDT
Jefferies analyst James Kisner says the likelihood of a major action to create shareholder value by EMC (EMC) is increasing. Kisner thinks a merger with HP Enterprise (HPQ), potentially combined with buying back the 20% of VMware (VMW) not owned, may be the most attractive option for EMC holders. He estimates that a spin-in of VMware using cash or an acquisition of HP Enterprise or NetApp (NTAP) are the most accretive options for EMC. To reflect the company's increasing options, the analyst raised his price target for EMC shares to $32 from $30. He keeps a Buy rating on the stock. Kisner thinks VMware acquiring EMC is "very unlikely."
News For EMC;VMW;HPQ;NTAP From the Last 2 Days
HPQ
Apr 24, 2024 | 12:21 EDT
In the firm's Q1 letter to investors, David Einhorn's Greenlight Capital disclosed new long positions taken during the quarter, including taking stakes in HP Inc. (HPQ), Penn Entertainment (PENN) and Roivant Sciences (ROIV). In the letter, the firm stated that it established a new "medium-sized position" in Penn at an average price of $22.69 per share, arguing that "were the market to credit PENN with merely 15% of DraftKings' value, [Penn's ESPN BET] segment alone would be worth $20 per share." On HP Inc., Greenlight stated that it had established an initial position at an average price of $30.76 per share, adding that it believes "that we are, at a minimum, on the cusp of a normal PC refresh cycle, which should drive earnings above estimates." On Roivant, Greenlight said it had established a "small long position," adding that "in addition to an exciting pipeline, ROIV has a strong track record of positive trial results and successful monetization of pharmaceutical assets." Einhorn's Greenlight Capital also noted that it reduced its Teck Resources (TECK) long position into strength during Q1 and that the firm bought a "small position" in Liberty Global (LBTYA) during Q1.
HPQ
Apr 24, 2024 | 08:35 EDT
Ferrari (RACE) announces that Ferrari S.p.A. has signed a multiyear partnership agreement with HP Inc. (HPQ), through which its brand will appear on racing properties of Scuderia Ferrari.