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Intel Corporation (NASDAQ:INTC) company lawyers state to an EU appeals court that its 1.06B-euro ($1.3B) fine for using rebates as a manner in which to block rivals has been based on an “utterly hopeless” and untenable case by European Union regulators.
QUALCOMM Incorporated (NASDAQ:QCOM): According to Raymond James’ Tavis McCourt, mobile phone sales will be far below normal Q2 and Q3 seasonality, but he predicts sales will make a sharp rebound in Q4 due to new phone launches. He believes that Q2 could represent the bottom for chipmakers like Qualcomm (NASDAQ:QCOM), Skyworks (NASDAQ:SWKS), and RF Micro (NASDAQ:RFMD), whose shares have already been affected by order cut reports.
Rackspace Hosting, Inc. (NYSE:RAX) estimates have been reduced due to FX volatility and a possible slowdown before its OpenStack migrations. Shares have a Neutral rating but the firm lowers the price target from $57 to $52.
Seagate Technology PLC (NASDAQ:STX): Because of weakness in both demand and foreign exchange, BMO Capital has reduced estimates for a number of enterprise hardware and imaging companies. The firm decreased estimates and target prices for IBM (NYSE:IBM), EMC (NYSE:EMC), VMWare (NYSE:VMW), Seagate (NASDAQ:STX), Western Digital (NYSE:WDC), Emulex (NYSE:ELX), and QLogic (NASDAQ:QLGC). BMO reduced target prices for EMC to $30 from $31, for VMWare t0 $105 from $110, for Seagate to $30 from $34, for Western Digital to $30 from $40, for Emulex to $9 from $11.50, and for QLogic to $15 from $16. Although BMO predicts the company will report in-line EPS, it believes IBM’s June quarter revenue will miss consensus. The firm keeps Outperform ratings on EMC, and Market Perform ratings on IBM, QLogic, Emulex, VMWare, Seagate, and Western Digital.
VMware, Inc. (NYSE:VMW) has announced the signing of a definitive agreement under which it will acquire DynamicOps, a cloud automation solutions provider which enables provisioning and IT service management across heterogeneous environments–VMwar-based private and public clouds, physical infrastructures, multiple hypervisors and Amazon Web Services.
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