VMWare Plummets 17%: Goldman Removes It From "Conviction Buy" List, Keeps It Just A "Buy"
Yesterday $42 billion tech behemoth VMWare stunned its investors when not only did it cut guidance, announcing that global demand is sliding, scaling back products but also disclosing a 7% workforce cut: hardly the stuff that global recoveries are made of. Sure enough, the stock is getting clobbered -17% lower this morning with the weakness likely to spread to the rest of the tech space. But just in case there was any confusion who was making money into last night's epic collapse, and was selling the stock to muppets who were told it was not only a Buy, but a "Conviction Buy", and to buy with both hands no questions asked, look no further than the usual suspect.
And yes, following today's nearly $7 billion market cap wipeout, the stock is somehow still a Buy.