While we expected management to lower expectations for the current quarter, the magnitude of the reductions caught us by surprise.
More Quotes from Tom Kraemer:
Given the weakness in HP shares this morning following their pre-announcement and our belief that the printer business is worth approximately 25 per share, we do not think it makes sense to downgrade the stock at this time. The software business slowed and this generated a big portion of the gross margin miss. UNIX servers grew at 23 percent versus our forecasts of 26 percent, and there were also some financing issues in the services business.Tom Kraemer
The key growth drivers are all in place.
Tom Kraemer
We think this will be an incremental boost to the overall network attached storage market and is an incremental revenue opportunity for EMC, and therefore positive for EMC. We believe Network Appliance will face more competition from EMC, but we did not see any new major software that hugely disturbs what is occurring in this space.
Tom Kraemer
This move makes HP look much more like IBM and, in our opinion, makes strategic sense.
Tom Kraemer
Competition will intensify but IBM should be able to gain share as HP undergoes a Herculean integration task.
Tom Kraemer
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