EMC Corp.
shares rose 12 percent after the world’s largest maker of computer
network data-storage devices said fourth-quarter sales topped
analysts’ forecasts.
The stock rose 80 cents to $7.60 at 8:06 a.m. New York time,
according to Instinet. They rose as much as 14 percent in Germany.
The U.S. shares have declined 59 percent in the past year.
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Demand for less-costly systems has risen as businesses have
cut costs, analysts say. Sales of EMC’s Clariion line, also
offered by Dell Computer Corp. and 97 percent less expensive than
EMC’s Symmetrix products, were “particularly strong,” EMC Chief
Executive Joseph Tucci said in a statement.
“The better-than-anticipated fourth quarter was clearly
driven by the midrange Clariion line through EMC’s partnership
with Dell — indicating broader market acceptance” for those
products, UBS Warburg analysts wrote in a note to investors.
Bloomberg News
