Good news for 3PAR
Source : http://finance.yahoo.com/news/San-Jose-Mercury-News-Cites-iw-14930015.html
FREMONT, CA–(MARKET WIRE)–Apr 15, 2009 — 3PARÂ® (NYSE:PAR – News), the leading global provider of utility storage, was cited as the seventh fastest growing public company in Silicon Valley in 2008, according to the Silicon Valley 150 list compiled annually by the San Jose Mercury News. 3PAR debuts on the Silicon Valley 150 with a ranking of 122 and 83% growth in 2008 — a year during which one-third of the companies on the list actually saw sales fall.
“Even in a challenging IT climate in which the Silicon Valley 150 companies grew collectively at a mere 5.2 percent, 3PAR continued to win over brand-name customers with our innovative, cost-saving, and energy-saving utility storage technology,” said David Scott, CEO of 3PAR.
The Silicon Valley 150 ranks public companies headquartered in Santa Clara, Santa Cruz, southern San Mateo, and southern Alameda counties on the basis of worldwide revenues (“Sales”) for the most recent available four quarters as of March 31. Most results are for the four quarters ended on or near Dec. 31, 2008.
To view the full article: http://www.mercurynews.com/sv150/
Interesting enough. In the same report, PALM was listed among the TOP 10 for Biggest Percentage Drop and SUN Microsystems (JAVA) is among the TOP 10 for Biggest Dollar Drop.
A quick update.
Despite yesterday dips on lots of counters, Palm is holding up well enough on the Weekly Chart.
Here we can see that its current closing price is just above a key resistant level back in November 2007.
What I will like to see is for it to establish a new trading range from $9 to $9.50 onwards, especially after Palm Pre is launched.
Holding at a higher trading range will give me comfort to hold Palm for a longer time. After which, it will come down to fundamentals like revenue, Â cashflow etc.
Palm has a nice run yesterday.
It forms a new high for the year 2009. The previous time that it breaks through $9 was in Feb, and that rally quickly lose ground on the same day.
Part of the reason then, was Palm has went up too fast; hence you see the big gap between the kumo and the price level.
This time round, the chart tells a different story.
- Tenkan sen cuts Kijun sen on 23 March; a bullish signal
- Chikou Span cuts through the price level and there was no immediate resistant up front.
- The kumo is also forming a support below the price level
- And we ca also see how the Tenkan sen is closely following the candles, providing a good short term support.
The exception is on the Weekly Chart, the kumo has not show an uptrend yet. And this is understandable. Palm Pre has not been launched and there aren’t any sales figure to support it. More importantly, we are just slightly about 3 months since Palm Pre was announced. Hardly a very long timeframe on the Weekly Chart.
This should change a bit as we approach the launch date. But, the risk remains. Palm is launching a ‘luxury’ product in a down economomy. A lot of its success will depends on how much it can get out of the telcos.Â
Hopefully, the Sprint deal will not hold back Palm from quickly working with other partners in Europe and Asia.I can also understand that Palm may not rush the expansion too fast as well. Building a good support team is important. Rapid expansion in terms of coverage will thin out the resources and burn the cash very quickly.
For now, this continue to be one of my bullish holdings.