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Wednesday, April 23, 2014

EMC shares fall on weak VMware bookings growth, (NYSE: VMW)

EMC Corp, the world's largest maker of data storage equipment, reported a better-than-expected quarterly revenue, but its shares fell after majority-owned software maker VMware Inc reported weak growth in bookings.VMware, in which EMC owns an 80 percent stake, said on Tuesday there had been a delay in closing some large contracts in the first quarter, overshadowing better-than-expected results.EMC's shares were down 3.8 percent at $25.73 in afternoon trading on the New York Stock Exchange on Wednesday. VMware shares were down 9 percent at $95.11."(EMC) beat Street expectations in its "bread-and-butter" storage business given accelerating growth ... on its emerging storage business, which we believe remains a key ingredient in the company's recipe for success in 2014/2015," FBR Capital Markets analysts Daniel Ives said in a note.

VMware, Inc., is the provider of virtualization infrastructure solutions utilized by organizations to help transform the way they build, deliver and consume information technology (IT) resources. Shares of VMW fell by 9.4% or $-9.885/share to $95.26. In the past year, the shares have traded as low as $64.86 and as high as $112.89. On average, 2414250 shares of VMW exchange hands on a given day and today's volume is recorded at 5337114.



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