Downgrading from buy to sell in a single move almost never happens. This is the first step towards extinction. Kurian sold his soul to Wall Street and now the payment is due. The layoffs are only beginning and as someone else already mentioned the packages will be severely reduced. NetApp is going the way of SUN whose stock price was in the low single digits before it was bought. All of the id–tic internal crowing and sales pitches showing that NetApp was a better choice than it's competitors because of its market cap was a lie. Market cap now halved in less than a year.
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It’s about time this company is put to rest. If lawsuits by further employees don’t drive staff away maybe a below $40/share stock will keep them safe. Working for NetApp is a joke. Get out while you can. Sink or swim has started.
Kurian and Pasek think they had the investor community buffaloed. Their poor excuses of execution, IT and other c-ap have finally worn out. This coupled with an impending Q2 disaster should make the stock junk bond status!!
PURE was upgraded by Goldman today. Kurian bragged incessantly last year as well as our CFO about the relative stock strengths. How times have changed.
No doubt the company is buying back stock today with both hands today like bailing water out of a sinking ship.