VMworld, the annual conference hosted by software maker VMware, is fast becoming one of the hot tech conferences, in large part because VMware’s technology has become an important selling point for tech-equipment makers like Dell and Cisco Systems. There are likely to be dozens of new product announcements made at the conference, which kicks off Monday.
Another light in the darkness. In this case, “virtual” darkness. VMWare–which sells virtualization software–ended the quarter with a 32 percent increase in domestic sales and a 42 percent increase in international sales. These are stats just about any Silicon Valley company would like to claim about now. The company’s not out buying exercise balls, though. It warned against expecting the same results next quarter, saying that global product demand is difficult to predict, due to “current uncertainty in global economic conditions.”
RBC Capital got religion this morning on the slowdown in IT spending, cutting ratings on four stocks and slashing estimates and price targets on a host of others.
Yesterday afternoon, I posted a list of how some of the most prominent stocks fared in Wednesday’s mammoth selloff.
Given today’s equally dramatic rally, I thought the list deserved an update–I’ve added just one stock, Microsoft (MSFT), which I inexplicably forgot to include yesterday.
This should be a big week for VMware, which is holding the annual VMworld conference this week in Las Vegas. But so far, the event is not doing any favors for investors.
Mendel Rosenblum’s exit this week from VMware marks the end of an era–both for the company and virtualization software as a whole.
If you are a believer in efficient markets, every now and then a hot tech stock comes along that pushes your conviction to its limits.
VMware was bought for $625 million by EMC in 2004, went public in 2007 and soon hit a market cap of $48 billion. It currently trades at about a quarter of that value.
Even the hottest stock can’t defy gravity indefinitely. Or can it?
Investors continued to shed VMware (VMW) shares today in the wake of yesterday’s firing of CEO Diane Greene and a reduction in the company’s 2008 outlook.
The company, which went public August 13, 2007, at $29 a share, immediately went soaring higher, trading as high as $125.25 on an intra-day basis last Halloween.
Why so gloomy, VMware investors? The company’s stock drop, while likely driven more by the virtualization software maker’s newly slenderized forecasts and the resignation of its founder, seems like a slap in the face to incoming CEO Paul Maritz. And that would be a shame, since VMware is now getting one of the princes of the software world as its boss — and just in time, as it’s facing tough competition from Microsoft, where Maritz used to work.
Right before the Christmas holidays I got a chance to catch up with Dr. Mendel Rosenblum, VMware’s chief scientist and one of the company’s five co-founders.
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