Hitachi Data Systems has named Shinjiro Iwata as its new chief executive and declared its intention to displace EMC as the top storage company by 2004. Iwata, a 29-year veteran of HDS parent company Hitachi, spent four years at HDS, where he helped to create the alliance with Hewlett-Packard that propelled the company's high-end storage systems into mainstream use.
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Storage maker EMC plans to cut back on research and development spending, as it tries to pare costs and stem mounting losses. EMC, one of the dominant technology companies in recent years, has struggled mightily amid the technology slowdown, while pricing pressures have mounted from competitors such as IBM and Hitachi Data Systems.
Talk of war and profit warnings from technology companies sent the stock markets reeling for the fifth straight day as both the Dow and Nasdaq take hits.
Sun Microsystems and EMC led the Nasdaq down 3 percent Tuesday after a Goldman Sachs analyst said the companies are unlikely to meet growth targets. The Nasdaq shed 75.
Sun Microsystems and EMC led the Nasdaq lower at midday Tuesday after a Goldman Sachs analyst said the companies are unlikely to meet growth targets. The Nasdaq shed 49.
The Nasdaq slipped Tuesday, unable to continue the previous session's stellar 5 percent gain. The tech-heavy index did manage to close above the 2,300 mark, down 8.
The co-founder of storage maker EMC and his wife have filed to sell 10.1 million shares of stock in the company, according to documents filed with the Securities and Exchange Commission on Monday.
Data storage giant EMC said Wednesday its first-quarter earnings will fall short of Wall Street estimates amid a slowdown in information technology spending. The company also cut its growth projections for 2001.
Software stocks were leveled as the markets absorbed a landslide of profit warnings from the likes of Ariba, Broadvision, Epiphany, Documentum, Inktomi and MicroStrategy. A slew of e-business software companies warned after the bell Monday night, making Tuesday a dark day as Wall Street analysts slashed earnings targets and ratings on the entire sector.
Citing an "uncertain U.S. economic climate," data storage giant EMC toned down its sales growth projections for 2001.