Market Update (NYSE:EMC): EMC plans layoffs as it cuts annual costs by $850 million

[AP] – EMC plans an unspecified number of layoffs ahead of its acquisition by Dell as the data storage company attempts to cut annual costs by $850 million. It will take a charge of $250 million and make cash … Read more on this. EMC Corporation (EMC) , with a current value of $49.79B, started trading this morning at $25.62. Looking at the equity, the company’s one day range is $25.58 to $25.87 with a trailing 52-week range being $22.66 to $30.05. EMC (EMC) shares are currently priced at 14.11x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 8.13x earnings multiple for the same period. And for income investors, the company pays shareholders $0.46 per share annually in dividends, yielding 1.77%. Consensus earnings for the current quarter by the 28 sell-side analysts covering the stock is an estimate of $0.65 per share, which would be $0.04 worse than the year-ago quarter and a $0.03 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $1.82, which would be a $0.08 setback when compared to the last year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $7.14 Billion. If realized, that would be a 1.28% increase over the year-ago quarter. More recently, Wells Fargo downgraded EMC from Outperform to Market Perform (Nov 11, 2015). Previously, Stifel downgraded EMC from Buy to Hold. The average price target for EMC shares by the analysts covering the stock is $29.80, which is 16.32% above where the stock opened this morning. See more in (NYSE:EMC) Similar Articles: Company Update (NYSE:EMC): EMC Announces Cost of Job Cuts in Advance of Dell Takeover Market Update: EMC Corporation (NYSE:EMC) – EMC employees brace for more layoffs as the company vows to cut $850 million in expenses Stock Update: EMC Corporation (NYSE:EMC) – Why EMC has no plans to split itself up