Replies to post #457183 on Zeev's Turnips Patch-No Politics (ZEEV)

[madrose1]

* HPQ Hewlett-Packard Conference Call Summary (31.67 -0.82) -Update-

Looking forward bear in mind historically operating expenses increase ~4-5% in currency from Q1 to Q2... CapEx guidance remains unchanged; total CapEx of $2.8 bln, net CapEx $2.2 bln for Y06... co notes they have hedged there $4.0 bln share repurchase... Not giving Q3 and Q4 guidance today;

reminds analysts that Q3 is always tough due to seasonality in Europe; 'As you build your models for the rest of the year, keep in mind this seasonality adversely impacts both revenue and earnings in Q3'...

co states that restructuring is still on track... co says had strong growth with regard to EVA and XP growth rates comparative to the rest of the market; says storage growth on non-tape products was very strong in quarter... co will make investments particularly in their demand creation model to put more effort into creating demand particularly in the commercial printing space and in the enterprise... co does not state anything interesting regarding linearity in the quarter... co has been working hard on cost and expect to continue this going forward... pricing environment in enterprise segment: pricing environment in enterprise segment: co says that it is always competitive; did not see anything out of the ordinary in Q1; expect it to continue to be aggressive ...

notes DRAM prices were up in Q1; processor supply has finally normalized; prices on panels have dropped post holiday... win rate verse DELL by channel partners was the best in years; co is please with their success and will put more energy behind their partners; will put more energy into consumer.

[madrose1]

* NTAP Network Appliance conference call details (31.16 )

NTAP says it "feels great" to post a 30% growth qtr again... co notes new markets opening up in emerging biz segments, co looks fwd to more biz w/ IBM, as well (IBM represented about 1% of total revs in qtr.) NTAP is asked about add-on software strength; co says there is no single driver, says several software categories picked up. NTAP says it will start next qtr with better inventory position to meet demand. NTAP reported strength in all major geographies, points to its new FAS3000 midrange product line as a source of strength. Co saw petabytes shipped rise 30% sequentially, driven by FAS3000 units, and the resurgence of its 980 product. NTAP bought back 5 mln shares, cash outlay of $145.6 mln; co says it will continue to buy back stock, expects total shares out to decline modestly by the end of '06. Stock rises $3.14 to $34.30 after hours.