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Monday, August 23, 2010

Stock Of The Day - 3PAR Inc Common Stock(NYSE: PAR)

3PAR Inc Common Stock(NYSE: PAR)

"With no major announcements due out of the U.S. and the earnings calendar looking almost empty, we could be in for a quiet session here," said David Jones, chief market strategist at IG Index.

acquisition activity as Hewlett-Packard made a $1.6 billion counterbid for 3PAR.

“HP’s proposal offers superior value to 3PAR’s shareholders. Our global reach, strong routes to market and commitment to innovation uniquely position HP as the ideal fit for 3PAR,” HP EVP Dave Donatelli said in a statement.
PAR this morning is up $6.95, or 38.5%, to $24.99, blowing past the HP bid; clearly the Street sees the potential for a higher offer from Dell (or someone else) in response.

Futures on the Dow Jones Industrial Average rose 33 points to 10235 and Standard & Poor's 500-stock index futures added five points to 1075.30.

Nasdaq Composite 100 futures gained 10.50 points to 1,836.00.

Hewlett-Packard is bidding $24 a share in cash for data-storage specialist 3PAR. The bid represents a 33% premium on Dell's offer for the company. 3PAR shares rallied 37% in premarket trade.

The news came as the market prepared for what looked like an uneventful session

"Overall, stock markets remain under some pressure, so it would not be surprising to see these early gains eroded, as markets struggle for any real reason to build on the short-term positive momentum," Mr. Jones said in a note to clients.

3PAR Inc., together with its subsidiaries, provides utility storage systems in the United States and internationally. The company offers InServ storage servers, which consolidate data from various applications and user groups onto a single storage array. Its InServ storage servers consist of InSpire architecture, a storage array for open systems; InServ T-Class storage servers for enterprise and cloud computing storage infrastructures; and InServ F-Class storage servers for traditional midrange storage arrays. The company also provides 3PAR InForm Operating System and associated management tools that incorporate automation of storage configuration, provisioning, and management for InServ Storage Server models. In addition, it offers various software applications, such as thin provisioning, thin conversion, and thin persistence and thin copy reclamation software; rapid provisioning, autonomic groups, dynamic optimization and policy advisor, and adaptive optimization software; virtual copy and remote copy software; virtual domains and virtual lock software; and management plug-in for VMware vCenter, host explorer, and system reporter software. Additionally, the company provides various maintenance support programs. 3PAR Inc. markets and sells its products through its direct sales force, as well as indirect resellers. It serves various enterprises, financial services firms, cloud computing service providers, consumer-oriented Internet/Web 2.0 companies, and government entities. The company was founded in 1999 and is headquartered in Fremont, California.
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