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To: Lizzie Tudor who wrote (44465)	9/15/2008 3:37:12 PM
From: stockman_scott	Respond to of 57684

Zetta, a Sunnyvale, Calif.-based provider of cloud storage solutions for enterprises, has raised $10.68 million in Series A funding from Sigma Partners and Foundation Capital. PRESS RELEASE / September 15th, 2008 Zetta, a provider of cloud storage solutions for enterprises, today announced that it has closed a $10.68 million Series A financing round led by venture capital firms Sigma Partners and Foundation Capital. Zetta plans to use the funding to expand product development, marketing and operations. Zetta was founded by industry veterans Lou Montulli, Jeff Whitehead, Jason Harrison and Jeff Treuhaft. Backed by decades of distributed systems technology and services experience, Zetta is advancing the state of the art for enterprise storage by delivering feature rich solutions for IT administrators without the costs, complexities and risks associated with traditional storage software and hardware solutions. “We are very excited to have Sigma Partners and Foundation Capital as our lead investors,” said Jeff Treuhaft, Zetta CEO. “We are bringing unique innovations to the enterprise storage market and the experience and success of our investors at EqualLogic and VMware will prove invaluable as we continue to accelerate our company.” About Sigma Partners Founded in 1984, Sigma Partners is a leading early-stage venture capital firm. The Sigma team uses their deep operational experience to provide entrepreneurs with practical strategic counsel through every phase of company growth. With over $1.5 billion under management and bicoastal offices, Sigma invests in innovative technology startups across the United States. For more information, visit sigmapartners.com. About Foundation Capital Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in telecommunications and networking; Internet infrastructure; and enterprise software and on demand services. Foundation Capital funds total more than $1.6 billion. For more information, visit foundationcapital.com. About Zetta, Inc. Founded in 2007 by industry veterans, Zetta is a privately held company headquartered in Silicon Valley. Zetta delivers storage solutions to enterprises that increase productivity, data availability and data protection while reducing the costs, complexities and risks of traditional storage hardware and software solutions. For more information, visit zetta.net.

To: Lizzie Tudor who wrote (44465)	9/15/2008 6:13:51 PM
From: stockman_scott	Respond to of 57684

CROSSLOOP SECURES $6 MILLION SERIES B FUNDING TO EXPAND GLOBAL TECH SUPPORT MARKETPLACE -- CAMPBELL, Calif. -- Sept. 15, 2008 -- CrossLoop, Inc., which has built the world's largest network of computer support and training professionals offering personalized help using its award-winning desktop sharing software, today announced that it has raised a $6 Million Series B round of financing led by Venrock, a premier venture capital firm founded by the Rockefeller family, and has added two new members to its Board of Directors. El Dorado Ventures, which led the company's Series A financing, joined the round. Richard Moran, a partner at Venrock and 25-year Silicon Valley veteran, joined the Board along with Andre Haddad, CEO of Shopping.com (an eBay company) and prior SVP of product at eBay. CrossLoop, which enables individuals and small businesses to receive technical support and computer training through free desktop sharing software, will use the funding to advance product development and expansion, as well as for sales and marketing. "As technology becomes complex and ingrained into every facet of our lives, both at work and at home, it is important for users to have immediate and affordable access to support solutions from professionals who care about their problems," said Venrock's Moran. "CrossLoop is becoming the go-to marketplace for individuals and small businesses in need of technology support and for professionals who are looking to share their expertise and expand their client base." "CrossLoop has put tremendous effort into boosting its marketplace to over one million users spread across 190 countries by leveraging social media tactics and engaging its community in its growth," said Haddad, who built a name for himself in the world of global online marketplaces through his work at eBay and iBazar, which was sold to eBay for $140 million in 2001. "I admire the company's tenacity and dedication to building a much-needed global marketplace for tech support online, and look forward to working with them to expand this base and its offerings even further." Launched in late 2006, CrossLoop provides software that helps connect people with trusted contacts - both friends and professional service providers - to provide technical support, training and collaboration. Recognizing that technology support has historically been a difficult and expensive process, this year CrossLoop introduced the Help Marketplace, a community of trusted technical experts ranging from independent specialists to engineers at large tech support companies. By visiting CrossLoop.com, those needing help can quickly identify the support professional they need to solve their problem and get immediate help remotely. With over 10,000 user-rated professionals in more than 130 countries, CrossLoop offers technical support and training for thousands of different software programs and a broad selection of hardware and networking related issues. Professional service fees start at just $5 an hour and average $50 an hour - just a fraction of traditional tech support service fees. "We are excited to partner with our new Board members and investors to redefine how people get help on their computers by bringing low price, convenience and selection directly to the consumer and small business anywhere and everywhere," said Lisa Alderson, president and CEO, CrossLoop, Inc. "The customer response has been overwhelming, with over 90 percent of users finding immediate success. We have hundreds of Helpers standing by, ready to help right now." About CrossLoop CrossLoop is a consumer Internet company that makes helping other people fast, friendly and cost-effective by empowering any two people anywhere in the world to connect live via computer. Through its easy-to-use desktop sharing software and global, user-verified Help Marketplace, CrossLoop connects computer users with trusted, qualified service providers and friends who can provide the support they need quickly and conveniently. Available in 21 languages and used by individuals and businesses in over 190 countries, CrossLoop serves over 1 million unique users and has enabled more than 50 million "help minutes" to provide technical support, training and collaboration around the globe. CrossLoop is backed by Venrock, El Dorado Ventures and Altura Ventures. For more information, please visit crossloop.com. About Venrock Venrock is a premier venture capital firm with offices in Palo Alto, New York, Cambridge, MA, and Israel. Originally established as the venture capital arm of the Rockefeller family, Venrock continues a seven-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. Having invested $2.2 billion in 417 companies resulting in 124 IPOs over the past 39 years, Venrock's investment returns place it among the top tier venture capital firms that have achieved consistently superior performance. With a primary focus on technology, healthcare, and energy, portfolio companies have included Adify, Adnexus Therapeutics, Apple Computer, Check Point Software, DoubleClick, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vontu. For more information, please visit Venrock's website at venrock.com. About El Dorado El Dorado Ventures (EDV) is a leading entrepreneur-focused, early-stage venture capital firm with over two decades of success. Entrepreneurs see EDV as a trusted investment partner who shares their vision and helps them succeed by providing ongoing strategic guidance and access to a wealth of industry contacts. With $750 million in capital under management, the firm invests across the information technology spectrum, from semiconductors and systems to communications, software and services, targeting both consumers and the enterprise. El Dorado's early-stage investments have included Compellent Technologies, Cyras Systems, EarthLink, Efficient Networks, Novellus and NuSpeed Internet Systems. Numerous EDV portfolio companies have gone public or been acquired by major technology companies including AT&T, Ciena, Cisco Systems, nVidia, Siemens, Texas Instruments and Yahoo. For more information, please visit eldorado.com.

To: Lizzie Tudor who wrote (44465)	9/16/2008 1:01:59 AM
From: Eric	Respond to of 57684

I'm beginning to think that inflation in the worlds economies will actually be a negative number Y/Y about a year from now. Interest rates could drop to zero. I know it sounds preposterous, but I think it could possibly happen. JMCO

To: Lizzie Tudor who wrote (44465)	9/16/2008 3:13:14 AM
From: stockman_scott	Respond to of 57684

Crude Oil Drops Below $92 as Lehman Adds to Demand Concern By Christian Schmollinger Sept. 16 (Bloomberg) -- Crude oil tumbled below $92 a barrel, its biggest two-day drop in almost four years, on concern that turmoil on Wall Street may weaken the global economy and reduce demand for fuels and raw materials. Oil fell as much as 4.3 percent today after Lehman Brothers Holdings Inc., once the fourth-largest U.S. investment bank, yesterday sought bankruptcy protection, sending U.S. stocks to their steepest drop since the September 2001 terrorist attacks. Gold fell for the first day in three. ``It's just total panic,'' said Jonathan Kornafel, a director for Asia at Hudson Capital Energy in Singapore. ``People are paring down positions thinking this is just a big meltdown. Everyone is saying the world is coming to an end and there will be no more demand for oil.'' Crude oil for October delivery fell as much as $4.15, or 4.3 percent, to $91.56 a barrel. It was at $92.43 at 2:38 p.m. Singapore time on the New York Mercantile Exchange, the lowest intraday price since Feb. 11. Oil has declined 4.4 percent this year and dropped 38 percent from the record $147.27 a barrel reached on July 11. Gasoline for October delivery fell for a second day, declining as much as 8.52 cents, or 3.3 percent, to $2.4762 a gallon in New York. ``Prices were too high because we're looking at a recession, we're looking at demand dropping,'' Peter Beutel, president of energy consultants Cameron Hanover Inc. in Stamford, Connecticut, said in an interview with Bloomberg Television. ``Oil is not a safe haven.'' Lehman Suspended CME Group Inc., the world's largest futures market, and its Nymex unit, said Lehman ``continues to meet all of its obligations'' and is operating as normal. Options Clearing Corp., which guarantees all trades in the $1.6 trillion U.S. options market, also said Lehman remains in good standing. Lehman Brothers was suspended from energy and commodities trading in London. The plunge in oil, cotton and copper led to the Reuters/Jefferies CRB Index of 19 commodities erasing its gains for the year. The CRB index fell 3.3 percent to 348.26 yesterday, down 2.9 percent for the year. Gold declined as some investors sold the precious metal to raise cash after U.S. stocks tumbled. Gold for immediate delivery fell 1 percent to $778.63 an ounce at 9:49 a.m. in Singapore after earlier rising to $788.10 an ounce, the highest in a week. Silver for immediate delivery dropped 1.8 percent to $10.93 an ounce. Pessimistic Sentiment ``We're seeing extremely pessimistic investor sentiment on the backdrop of the further deterioration of the global economic outlook,'' Yingxi Yu, a commodity analyst with Barclays Capital in Singapore, said in an interview with Bloomberg Television. Brent crude oil for November settlement fell as much as $4.44, or 4.7 percent, to $89.80 a barrel on London's ICE Futures Europe exchange. It was at $91.03 a barrel at 2:41 p.m. Singapore time. Prices have dropped 14 straight days, the longest stretch since Brent futures were introduced in 1988. Texas oil refiners may need weeks to restore normal operations as utilities struggle to restore power after Hurricane Ike swept through the region. Exxon Mobil Corp., the world's biggest oil company, said its Beaumont, Texas, refinery took the ``most serious hit'' of its plants, from a wall of water pushed ashore by Ike. Marathon Oil Corp.'s Texas City, Texas, plant is without power and water. Production Idled A total of 14 Texas and Louisiana refineries, with combined crude-oil processing capacity of 3.57 million barrels a day, are shut because of Ike, the U.S. Energy Department said yesterday. The International Energy Agency, an energy adviser to 27 industrialized countries, said it is analyzing the impact of Ike on oil, gas and refinery output and may release emergency stockpiles if called upon. The IEA coordinated the release of crude oil and fuel supplies after Hurricanes Katrina and Rita struck the U.S. Gulf Coast in 2005. U.S. crude-oil and fuel inventories probably fell last week because of Ike, a Bloomberg News survey of analysts showed. The Energy Department is scheduled to release its weekly petroleum supply report on Sept. 17. To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net. Last Updated: September 16, 2008 02:49 EDT

To: Lizzie Tudor who wrote (44465)	9/16/2008 3:26:02 AM
From: stockman_scott	Respond to of 57684

Hewlett-Packard Cuts 24,600 Jobs to Wring Profit From Services By Connie Guglielmo Sept. 16 (Bloomberg) -- Hewlett-Packard Co. Chief Executive Officer Mark Hurd will eliminate 24,600 jobs as he incorporates Electronic Data Systems Corp., an effort to save $1.8 billion a year in his biggest workforce reduction since taking charge. The cuts amount to 7.5 percent of the combined workforce and will take place over three years, the company said yesterday. Hewlett-Packard, the world's biggest personal- computer maker, bought EDS last month for $13.2 billion to more than double revenue from services. Hurd, who cut 15,000 positions after taking over in 2005, is aiming to boost profitability at EDS as he goes after International Business Machines Corp. for clients that want to outsource management of computer networks and data centers. Profit margins at EDS, founded in 1962 by H. Ross Perot, will be half those at Hewlett-Packard's services unit in fiscal 2009. ``Hurd is doing the hard work to make the investment pay off,'' said Roger Kay, president of research firm Endpoint Technologies Associates in Wayland, Massachusetts. ``There's going to be a lot of interim pain.'' Hewlett-Packard, based in Palo Alto, California, climbed 37 cents to $45.70 in extended trading yesterday after closing at $45.33 on the New York Stock Exchange. The shares have dropped 10 percent this year. Half the job cuts will be in the U.S., Hewlett-Packard said. The company will begin telling employees soon if their positions will be eliminated. The reductions will occur in administration, legal and other operations that overlap, and half will be completed by October 2009. Hurd, 51, plans to hire workers in new positions, including sales. The number of people hired will represent about half the total number of jobs cut, the company said. `Tough Stuff' ``I am a big believer that having the most efficient cost structure directly relates to your ability to scale and grow,'' Hurd told analysts at a meeting in San Francisco. ``We've got to do tough stuff.'' Services accounted for 17 percent of Hewlett-Packard's sales last quarter. The acquisition of EDS, the second-biggest computer-services provider, catapulted the company to second in that market behind Armonk, New York-based IBM. Hewlett-Packard generated eight times as much profit per employee as EDS last year. Hewlett-Packard had earnings of $42,200 per worker in fiscal 2007, which ended in October of that year, compared with $5,130 at EDS, according to data compiled by Bloomberg. Operating Margin EDS's services business will have an operating margin, or profit as a percentage of sales, of 6 percent to 7 percent in fiscal 2009, Hewlett-Packard said. That's half of Hewlett- Packard's projected services margin of as much as 14 percent. Combined, the two companies' services units will have margins of 9 percent to 10 percent for fiscal 2009, rising to as much as 15 percent in the long run. Sales of the combined business will grow 4 percent to 6 percent a year, Hewlett- Packard said. The purchase of Plano, Texas-based EDS was Hewlett- Packard's largest since the $18.9 billion takeover of Compaq Computer Corp. in 2002. At the time, it cut 16,800 employees, or about 11 percent of the combined workforce. The Compaq deal helped expand Hewlett-Packard's PC and server business, boosting margins for the hardware group 7 percentage points from 2005 to 2007. During that time, Hurd bought six software companies for $6.5 billion, increasing software margins 14 points, Hewlett-Packard said. The company, which has made 30 acquisitions in the past 3 1/2 years, also is looking at ways to save money on real estate, procurement and information-technology spending. ``This is big and important to us,'' Hurd said. ``We know what we're doing.'' To contact the reporter on this story: Connie Guglielmo in San Francisco at cguglielmo1@bloomberg.net Last Updated: September 16, 2008 00:01 EDT

To: Lizzie Tudor who wrote (44465)	9/16/2008 10:29:33 AM
From: stockman_scott	Read Replies (1) \| Respond to of 57684

Dell Drops to Lowest Level in 7 Years After Predicting Slowdown By Amy Thomson and Melita Marie Garza Sept. 16 (Bloomberg) -- Dell Inc., fighting Hewlett-Packard Co. for computer sales as the economy slows, dropped to its lowest level in seven years after predicting ``further softening'' in demand this quarter. A technology slump that started in the U.S. last quarter spread to Western Europe and some Asian countries, Dell said today, reiterating comments made last month. The company expects to incur costs this quarter from revamping operations and eliminating more than 8,800 jobs. Dell, the No. 2 personal-computer maker, is struggling to keep up with industry leader Hewlett-Packard, which is posting higher earnings than analysts anticipated and has profit margins 5 percentage points higher than Dell. Chief Executive Officer Michael Dell has pledged to cut up to $3 billion in annual costs by eliminating employees and moving to lower-cost manufacturers. ``They're underperforming direct rivals such as H-P,'' said Raffaella Sommariva, a fund manager at AZ Fund Management SA in Luxembourg, which oversees the equivalent of $14.5 billion. ``Dell is suffering more because of its business model.'' Dell, based in Round Rock, Texas, fell $1.74, or 9.7 percent, to $16.25 at 10:13 a.m. New York time in Nasdaq Stock Market trading. The price was the lowest since September 2001. The stock had dropped 27 percent this year before today, compared with a 10 percent decline for Hewlett-Packard, which announced plans yesterday to cut almost 25,000 jobs as it integrates the purchase of Electronic Data Systems Corp. Almost half of big corporations globally have curbed technology budgets for the next year to help cope with the economic slump, Forrester Research Inc. said last week. Companies have delayed projects and attempted to bargain for lower computer prices, the Cambridge, Massachusetts-based researcher said. Profit Margins Since returning to the helm last year, Dell, 43, started selling PCs through retailers and overhauled design practices to compete with Hewlett-Packard, which led in PC shipments for the past two years. Dell said in April it would shed even more jobs than the 8,800 projected last year. The reductions Dell referred to in its statement today pertain to that round of cuts, not new ones, spokesman Jess Blackburn said. While Hewlett-Packard posted earnings that beat analyst estimates last quarter, Dell fell short. Profit dropped 17 percent and ``strategic pricing'' hurt profit margins in Europe, the Middle East and Africa. ``It is a slippery slope for them to continue to cut prices to stabilize demand,'' said Ashok Kumar, a San Francisco-based analyst at Collins Stewart Plc. He advises investors to hold on to Dell shares and doesn't own any. Profit Margins The company's gross margin, or the percentage of sales left after production costs, amounted to 19.1 percent in its latest fiscal year, compared with 24.4 percent for Hewlett-Packard. Hewlett-Packard bought EDS last month for $13.2 billion, aiming to bolster its services business to compete with International Business Machines Corp. The PC maker said yesterday that its job cuts will help save as much as $1.8 billion a year. Dell also competes with Hewlett-Packard and Armonk, New York-based IBM in server computers, which run corporate networks and Web sites. Dell posted the biggest gains in that market in the latest calendar quarter, with growth of 15 percent. To contact the reporter on this story: Amy Thomson in New York at athomson6@bloomberg.net; Melita Marie Garza in New York at mgarza4@bloomberg.net Last Updated: September 16, 2008 10:15 EDT