Slowdown Scare Sinks Storage Stocks
Updated from 12:02 p.m. EST
Following Tuesday's first-quarter warning from McData (MCDT Quote), fears are building that the storage networking company's former parent, EMC (EMC Quote), may do the same.
McData, which makes switches and software for storage area networks, sells about 75% of its merchandise through EMC. EMC acquired McData in 1995, but distributed the stake to EMC shareholders in 2001.
Citing McData's warning and signs of continued weakness in data storage demand, J.P. Morgan cut its 2002 estimates on EMC to a loss of 2 cents a share from an earlier forecast of a penny profit. Morgan said it remains "cautious" about EMC's shares, but the firm kept its long-term buy rating on the stock. Earlier this week, Goldman Sachs lowered its 2002 estimates for EMC. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,285.97 | 1,091.93 | 2,172.99 | 33.92 |
Oil *
75.40
|
|
DOWN
104.14
|
DOWN
11.32
|
DOWN
16.62
|
DOWN
0.56
|
10 Yr
3.39%
SPDR Gold
110.95
|
|
-1.00%
|
-1.03%
|
-0.76%
|
-1.62%
|
Data delayed 20 minutes |
Connect with TheStreet