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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (58387)	1/4/2002 2:21:47 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

01/03 16:26 EMC Rises as Analyst Says New Products to Help Sales (Update3) By Greg Chang quote.bloomberg.com Hopkinton, Massachusetts, Jan. 3 (Bloomberg) -- EMC Corp. shares rose 12 percent after a Salomon Smith Barney analyst said sales are poised to pick up as the largest maker of data-storage systems introduces products. The shares rose $1.79 to $16.59. EMC jumped 10 percent yesterday after dropping 79 percent in 2001, the eighth-worst performance in the Standard & Poor's 500 Index. Demand for EMC's products may start to rebound because much of the unused storage space built up last year has now been put to use, said Salomon's Clinton Vaughan, who raised his rating on EMC to ``buy'' from ``outperform.'' New products and potential acquisitions also may lift sales, he wrote in a report. EMC's sales slumped last year as customers scaled back spending on storage equipment and software after their own business slowed. ``EMC has moved past its fundamental bottom and begun to recover (albeit at a slow pace),'' Vaughan wrote in his note. The analyst, who expects the shares of Hopkinton, Massachusetts-based EMC to rise to $20, wasn't immediately available to elaborate on the report. EMC Chief Executive Joseph Tucci was unavailable to comment prior to the company's conference call to discuss quarterly results later this month, spokesman Greg Eden said. The company previously announced plans to introduce new software and storage systems this year, Eden said. ``We are going into our most aggressive product delivery schedule ever.'' EMC's two-day gain of 23 percent is the biggest since April. Before yesterday, the shares had fallen 13 percent since Dec. 7. Computer Spending Spending on computers, software and related equipment slipped in 2001 because companies hesitated to invest in technology products as the U.S. economy sank into a recession. Some analysts and investors predict that businesses will start buying again later this year.