Baseless Mania for NetApp
After NetApp (NTAP) reported its second quarter last week, the stock flew higher as a wave of optimism washed over the shares. Short-sellers covered their positions as tech investors backed up the truck. (Tech investors can't help themselves.) Once the stock popped higher, the analyst community jumped on board, upgrading the shares and slapping target prices on it as high as $40. But, while it can be exciting to choose a big turning point, I remain unconvinced.
Last week NetApp reported fiscal second-quarter earnings of $0.37, or $0.03 ahead of the consensus estimate. Revenue came to $1.54 billion, up 2.3% year over year. Management attributed the stronger-than-expected performance to the software and services business. Software and maintenance revenue was up 10.8% to $219.4 million, and service revenue rose 11.3% to $326.0 million....203 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.