STOR up 48% after news with CSCO.
BUT-- EMC misses ests., increases job cuts (EMC) by Tomi Kilgore
EMC Corp. (EMC) reported a third-quarter net loss of $945 million, or 43 cents a share, after earning $458 million, or 21 cents a share, in the same period a year ago. Excluding charges, which included the cost of excess inventory, workforce reductions, facilities consolidation and investment writedowns, losses totaled $270 million, or 12 cents a share. Analysts surveyed by Thomson Financial/First Call had been expecting the data storage company to lose a nickel a share. Revenue for the period fell 47 percent from last year to $1.21 billin, below the $1.51 billion expected by analysts. EMC added that it would cut its workforce by approximately 4,000 employees, more than the previously announced cuts of 2,400 jobs. The stock closed Tuesday up 35 cents at $13.45. |
