EMC Confirms Deal To Buy XtremIO For Reported $430M

“EMC this morning confirmed previous reports that it has acquired XtremIO, a flash storage company based in Herzliya, Israel. EMC said the deal is an all-cash transaction and will not have a material impact to fiscal 2012 financial results.

Terms of the deal were not announced, but the Israeli business news Web site Globes, which had previously said the two sides were in talks for a deal in the $400 million to $450 million range, today reports that the purchase price was $430 million.

EMC said that XtremIO is “widely regarded as one of the world’s premier Flash storage architecture pioneers.”

Globes noted that investors in XtemIO include Jerusalem Venture Partners, Giza Venture Capital, Battery Ventures and Lightspeed Ventures.

EMC this morning is down 32 cents, or 1.2%, to $27.15.”

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“It can be tough being a 12-year-old  boy. It’s even tougher if your Mom is Renée James.

When James’ 12-year-old son asked if he could buy a particularly violent video game, his mom — who runs Intel’s software and services business — had a ridiculously well-informed opinion.

James sells the physics software used to model the game’s over-the-top mayhem. Her answer: you’re not old enough.”

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In an effort to get ahead of the next crisis the FDIC is making contingency plans just in case.

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“Fragrance maker Coty Inc. added the firepower of Warren Buffett’s Berkshire Hathaway Inc. to its group bidding for Avon Products Inc., and submitted a sweetened $10.69 billion offer to try to bring the struggling beauty-products company to the table.”
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“You’d be hard-pressed to find a more vocal critic of the Federal Reserve than Peter Schiff, CEO of Europacific Capital.

And Fed critics tend to be gold bulls.

So, we weren’t surprised by some of the comments Schiff made during an interview with King World News.”

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“Chancellor Angela Merkel rejected calls from her center-left opponents in Germany and Europe for economic stimulus policies that rely on new debt, warning parliament on Thursday that  “growth on credit” would just tip Europe deeper into crisis.”

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Gapping up

INSP +13.8%, MNST +12.1%, TSLA +8.1%, RPRX +5.7%, SMTX +4.9%, TEF +2.1%,

MYRG +2%, NWSA +1.7%, ATVI +1.6%, SMG +1.5%, RENN +1.5%,  KERX +9% , ARMH +3.8% ,

JDSU +2.7%, TPX +3.9% , PRU +1.9%, QTWW +2%, WZE +3.6%,

Gapping down

PANL -19.8%, CSCO -9.5%, SGI -9.2%, DGIT -6%, XTEX -5.5%, ACHC -4.9%, CJES -4.7%,

JOBS -4.6%, PCLN -4.3%, ELON -4%, WFR -3.1%, SXCI -1.9%, ASML -1.4%, UL -1.1%,

UNM -0.5% , VRTX -0.9% ,  TZOO -1.6%,  AMAG -6.4%, TZOO -1.6% , AMAG -6.4%,

SGI -12%,  DGIT -6% , KSS -2.7%,  WIN -1.3%.

ATVI, AVP, CSCO, KERX, WFR, PCS, MNST, NWSA, PCLN, SGA, TSLA, PANL

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ARMH, BIG, CHKM, CSCO, CPWM, DLB, HGSI, JDSU, LINE, MMM, NOV, ORCL, RGP, TPX, TLLP, TEVA, VRTX

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In Play  &

On the Wires

“The United States opened its banking market to China’s biggest bank ICBC, for the first time clearing a takeover of a US bank by a Chinese state-controlled company.

Just days after high-level US-China economic talks in Beijing, the Federal Reserve approved an application from Industrial and Commercial Bank of China to buy a majority stake in the US subsidiary of Bank of East Asia.

The transaction will make ICBC the first Chinese state-controlled bank to acquire retail bank branches in the United States.”

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“It’s just after lunchtime on a drizzly day in the Amsterdam suburb of Bos en Lommer and the line of people waiting to fill their bags with free rice, juice, potatoes and bread is lengthening.

The market is one of 135 food banks in the Netherlands bailing out people trying to survive on less than 180 euros ($234) a month, the threshold to qualify for the aid. Organizers say demand for the service rose 20 percent in the first quarter.”

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Yawn….continuing claims @ 3.22million from 3,29 million

The trade deficit widened to -$51.2 billion from -$46 billion..mostly on oil

Turmoil rules the world causing China’s wealth fund to stop purchasing debt for the moment.

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The drop in the jobless rate was totally unexpected…

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Sony blamed slow television sales on the miserable report.

As if things were not tough enough in England. Now all they have left is austerity. Not a wise move in a deflationary slow growth environment.

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Perhaps a bump in the road; but welcome news for sure.

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Hopium rules in Europe….

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