Diamonds and Dogs
Tech is acting much better. It started with the chips and now data storage looks good. The software and data storage maker, NetApp (NTAP) is up 16% not far from a 52 week high after better than expected earnings. Deferred revenue and financed unearned services revenue rose 8% year-over-year while free cash flow jumped 100% year over year to $192 million. $228 million was returned to shareholders in the form of share repurchases and cash dividends. So far so good.
58.com (WUBA) not doing as well as Alibaba.com. The largest Chinese online market place, serving local merchants and consumers dropped 13% on disappointing second quarter results. Total revenues was up an impressive 86.7% to $297.8 million, but missed estimates and guided third quarter revenue below consensus. Tough crowd.