NEW YORK (TheStreet) -- Shares of EMC (EMC) are increasing 2.07% to $28.11 this afternoon after 98% of voting shareholders approved a $67 billion merger with the Round Rock, TX-based computer technology company Dell.
EMC also posted better-than-expected 2016 second quarter earnings after yesterday's markets closed.
The Hopkinton, MA-based data storage producer said the merger is expected to close on the original terms and by its planned timeframe of October. The deal, which has been referred to as the largest technology merger in history, is now pending regulatory approval from China.
For the quarter, EMC reported earnings of 45 cents per share on revenue of $6 billion. Analysts surveyed by Thomson Reuters were expecting earnings of 41 cents per share on revenue of $5.9 billion.
Earnings were up 5% from 2015, while revenue grew 1% year over year.
"We had a strong second quarter and are well positioned as we look forward to combining with Dell to establish the world's largest privately-controlled, integrated technology company," said Joe Tucci, EMC's chairman and CEO, in a company statement.
The company noted that consumer demand for its all-flash storage portfolio, converged and hyper-converged portfolio and its enterprise hybrid cloud service has continued to grow.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate EMC CORP/MA as a Hold with a ratings score of C+. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: EMC