NEW YORK (TheStreet) -- EMC (EMC) shares fell 1.4% to $26.48 after the announcement of a new acquisition.
Storage vendor EMC announced today that it had purchased cloud storage management company TwinStrata. The price and other details of the acquisition were not disclosed. EMC's press release said that TwinStrata would provide a "embedded cloud access capabilities to its enterprise data service platform VMAX3, its new and far-more agile data center infrastructure." "TwinStrata's advanced cloud tiering technology, which "enables customers to move infrequently accessed data to the public cloud for lower TCO," the press release said.
Nicos Vekiarides, the CEO and co-founder of TwinStrata, wrote in an email that the purchase would not harm existing TwinStrata customers. As part of EMC, Vekiarides wrote Twinstrata will continue to enable customers to extend on-premise storage into one or many public or private cloud providers. "Instead, the purchase would give customers the same product and service as part of a wider, market-leading cloud portfolio and global brand behind it," the CEO said in the email.
Tesla (TSLA) shares fell 3.2%% to $215.65 after it was reported that the company is being sued in China.
Reuters reported that Chinese businessman Zhan Baosheng, who registered the Tesla trademark in China before the electric car manufacturer expanded there, is suing the company, demanding that they stop sales and marketing activities and shutdown showrooms and supercharging facilities in China. He is asking for 23.9 million yuan ($3.85 million) in compensation. The case will be heard by the Beijing Third Intermediate Court on August 5.