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Ingram Micro joins the list of companies that is tired of dealing with Broadcom’s handling of the VMware acquisition, saying it will no longer do business with the company. Broadcom completed its acquisition of VMware in November 2023, and immediately began raising prices and ending perpetual licensing. In some cases, the price hikes bordered on the absurd, with of trying to raise prices by 1,050% and the after Broadcom hit it with a 10x price increase. According to , distribution giant Ingram Micro has had enough, saying it will no longer work with Broadcom after negotiations between the two companies broke down. “We were unable to reach an agreement with Broadcom that would help our customers deliver the best technology outcomes now and in the future while providing an appropriate shareholder return,” a spokesperson told the outlet. As a result, from “early January 2025, Ingram Micro will no longer be doing business with Broadcom and have limited engagement with VMware in select regions.” “For us and the more than 1,500 vendors and 161,000 customers we work with, the future of business is focused on transforming relationships, not just transacting sales,” the spokesperson added. Broadcom’s Changed Support Strategy to Blame Prior to its acquisition, VMware’s teams handled support requests, giving customers the best possible experience. Broadcom changed that, however, dumping L1/L2 support on distribution partners. As users on a Reddit thread highlight, this resulted in Ingram and other partners suddenly having a support workloads dropped on them that they were ill-equipped to handle. Remember that broadcom dumped the vmware support on partners like Ingram with no notice and no time to build up. If you buy direct it would be a different story, but support may vary. This is unfortunate in how broadcom handled. My support for velocloud still goes direct to velocloud team and have gotten good to great support in timely fashion, like even 15min on a P2. Reddit user Can confirm. If you’re a commercial customer and your VAR sourced from Ingram as their preferred disti, Broadcom edict to Ingram under their new contract was to provide L1/L2 support for those customers. Other redditors are right- they had almost no time to build and ramp up a tech support org for that vendor. Broadcom doesn’t care if the customer experience sucks. They’re not going to change anything unless it makes them more money. Price increases rumored to be coming in this new fiscal year for BC also. We are actively looking for alternatives now with a quickness as Broadcom itself is turning into a risk our leadership is getting tired of dealing with. Reddit user If what Reddit users are reporting is true, it’s little wonder that Ingram decided to stop working with Broadcom. After years of providing direct support to customers, it would seem to be incredibly opportunistic and short-sighted for Broadcom to suddenly dump a large portion of that support on distribution partners, let alone doing so without giving them time to properly build up the necessary infrastructure. Even more to the point, rarely will a distribution partner have the same level of expertise as the company making the product. As a result, even with the necessary infrastructure in place, it’s unlikely distribution partners will be able to provide the same level of support VMware was known for. Broadcom Is Confirming Critics’ Pre-Acquisition Fears Broadcom’s actions—as evidenced by it’s interactions with AT&T, Beeks Group, and Ingram Micro—are confirming the worst fears critics had prior to the acquisition. Broadcom has a reputation in the tech industry for ruthless efficiency in driving profit. The company’s operating margin, at roughly 61%, far exceeds many other companies, including other companies known for being highly profitable, such as Oracle with 47% margins. As a result, there was a tremendous amount of angst leading up to the acquisition, both inside and outside the company. “It’s like a sinking ship and we’re being asked to row until we go under,” , estimating that half of his work acquaintances are looking for other jobs. “Do I hang out here and the boat’s probably going to sink? Or do I jump ship because other people are?” “People feel betrayed,” added another VMware engineer. “For my team of 10 I know four of us are actively interviewing.” Another one said that “the only thing keeping many people here is the specter of a recession.” In the wake of the acquisition, European cloud organization CISPE appealed to regulators to reign in Broadcom’s price hikes and licensing changes, saying its “brutal” tactics would “decimate” Europe’s independent cloud companies and infrastructure. “At a time when our members are moving to support the requirements for switching and portability between cloud services outlined in the Data Act, Broadcom is holding the sector to ransom by leveraging VMware’s dominance of the virtualisation sector to enforce unfair licence terms and extract unfair rents from European cloud customers,” , secretary general of CISPE. “These changes harm European customers and cloud service providers, increasing costs and reducing choice.” “As well as inflicting financial damage on the European digital economy, these actions will decimate Europe’s independent cloud infrastructure sector and further reduce the diversity of choice for customers. Dominant software providers, in any sector from productivity software to virtualisation, must not be allowed to wield life or death power over Europe’s digital ecosystems,” Mingorance added. Hopefully, Ingram Micro will not be the last company to decide it is done with VMware and Broadcom. If enough large companies and partners abandon the platform, it may just force Broadcom to reconsider its actions.Maropost extends its "High Performer" streak in G2 Winter Reports while earning new "Easiest to Use" badge
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Lake Macquarie mayor Adam Shultz has outlined his plan to begin laying the foundations to tackle the region's housing crisis. Login or signup to continue reading At Monday night's council meeting, Cr Shultz will use the mayoral minutes to launch the Lake Macquarie Housing Forum, tentatively planned for April next year. A housing forum was a key election promise from Cr Shultz, who was selected by Labor unopposed to replace former mayor Kay Fraser. Cr Shultz won the popular vote for mayor with 35.8 per cent of the vote. Community housing providers, developers, NSW Minister for Planning Paul Scully, NSW Minister for the Hunter Yasmin Catley, and community groups will be invited to discuss how Lake Macquarie can tackle the demand for more dwellings throughout the local government area. "In terms of where we are, there is a housing crisis," Cr Shultz said. "How do we differentiate Lake Macquarie from all the other areas and encourage strategic urban development and densification? "This is about having frank and open conversations." NSW Premier Chris Minns has earmarked Lake Macquarie for 8000 new home completions by 2029, 30 per cent higher than the 2017-2022 period. Much of that growth is centred in the western and north-western parts of Lake Macquarie, which is forecast to expand from a population of 18,093 in 2021 to 32,322 by 2046. The NSW Labor Government has already identified land around train stations at Morisset, Booragul, Teralba, Cockle Creek and Cardiff as being suited for high-density housing as part of the Transport Orientated Development program. It's an initiative, Cr Shultz supports. "In terms of our growth, why wouldn't we leverage the infrastructure we've already got and obviously advocate to the state government for upgrades and getting trains to run along that corridor, which can take people into Newcastle or down to Gosford and gentrify the western side of the lake as well?" he said. "That's not to say it all needs to be centred there. There's obviously other public transport corridors on the eastern side and north. "But a part of this discussion is to flesh out a way forward with ideas and solutions, that at a council level, we can take away and try to implement." Data released on Friday by the National Shelter-SGS Economics and Planning Rental Affordability Index showed no postcodes in the Hunter are considered affordable for rental housing based on the average income of tenants. As a father with three young kids, Cr Shultz said using the levers of council to rezone land to help make housing more affordable and to encourage more investment was essential to future prosperity. "We want investment in Lake Macquarie; we want houses; we want jobs; we want opportunities for people," he said. "It's about working with the state government and getting good outcomes for Lake Macquarie and the people who want to come here to ensure your grand kids, or your children, don't need to relocate out of Lake Macquarie to be all they can be. "We want to have opportunities for people, and part of that is increasing the housing supply strategically." Josh Leeson is a news and features journalist, who focuses on Lake Macquarie, politics and entertainment at the Newcastle Herald. He first joined the masthead in 2008 after stints at the Namoi Valley Independent and Port Stephens Examiner and has previously covered sport, including the Asian Cup, A-League, Surfest, cricket and rugby league. Josh Leeson is a news and features journalist, who focuses on Lake Macquarie, politics and entertainment at the Newcastle Herald. 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Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Trupanion, Inc. ( NASDAQ:TRUP – Free Report ) by 7.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,861 shares of the financial services provider’s stock after buying an additional 671 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Trupanion were worth $414,000 as of its most recent SEC filing. Other large investors have also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System lifted its position in shares of Trupanion by 2.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 18,200 shares of the financial services provider’s stock valued at $535,000 after acquiring an additional 500 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Trupanion by 70.4% during the third quarter. GAMMA Investing LLC now owns 1,442 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 596 shares during the period. WINTON GROUP Ltd lifted its holdings in shares of Trupanion by 1.9% during the second quarter. WINTON GROUP Ltd now owns 37,673 shares of the financial services provider’s stock valued at $1,108,000 after purchasing an additional 685 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Trupanion in the 3rd quarter valued at $37,000. Finally, Check Capital Management Inc. CA increased its stake in Trupanion by 2.7% in the 3rd quarter. Check Capital Management Inc. CA now owns 41,460 shares of the financial services provider’s stock worth $1,740,000 after purchasing an additional 1,100 shares in the last quarter. Analyst Ratings Changes A number of analysts have commented on TRUP shares. Bank of America upped their price objective on shares of Trupanion from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Stifel Nicolaus upped their price target on shares of Trupanion from $30.00 to $40.00 and gave the company a “hold” rating in a research report on Monday, September 23rd. Northland Securities lifted their price objective on shares of Trupanion from $45.00 to $50.00 and gave the stock a “market perform” rating in a research report on Thursday, October 31st. Finally, Piper Sandler increased their target price on Trupanion from $45.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Trupanion presently has an average rating of “Moderate Buy” and an average price target of $44.67. Insider Transactions at Trupanion In related news, EVP Steve Weinrauch sold 11,916 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $53.00, for a total value of $631,548.00. Following the transaction, the executive vice president now owns 48,978 shares in the company, valued at approximately $2,595,834. This represents a 19.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link . Also, CFO Fawwad Qureshi sold 9,867 shares of Trupanion stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $53.08, for a total transaction of $523,740.36. The disclosure for this sale can be found here . Insiders sold 28,405 shares of company stock valued at $1,512,482 in the last three months. Corporate insiders own 5.50% of the company’s stock. Trupanion Stock Up 3.6 % Trupanion stock opened at $53.46 on Friday. Trupanion, Inc. has a twelve month low of $19.69 and a twelve month high of $57.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.66 and a current ratio of 1.66. The firm has a market cap of $2.26 billion, a PE ratio of -167.06 and a beta of 1.60. The firm’s 50 day moving average price is $51.08 and its two-hundred day moving average price is $41.11. Trupanion ( NASDAQ:TRUP – Get Free Report ) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.09. The business had revenue of $327.50 million during the quarter, compared to analyst estimates of $321.79 million. Trupanion had a negative return on equity of 4.36% and a negative net margin of 1.08%. During the same period last year, the company earned ($0.10) earnings per share. Trupanion’s quarterly revenue was up 14.6% compared to the same quarter last year. On average, research analysts predict that Trupanion, Inc. will post -0.23 EPS for the current fiscal year. Trupanion Company Profile ( Free Report ) Trupanion, Inc, together with its subsidiaries, provides medical insurance for cats and dogs on a monthly subscription basis in the United States, Canada, Continental Europe, and Australia. The company operates in two segments, Subscription Business and Other Business. It serves pet owners and veterinarians. Featured Stories Want to see what other hedge funds are holding TRUP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Trupanion, Inc. ( NASDAQ:TRUP – Free Report ). Receive News & Ratings for Trupanion Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Trupanion and related companies with MarketBeat.com's FREE daily email newsletter .Fmr LLC Lowers Holdings in Pliant Therapeutics, Inc. (NASDAQ:PLRX)
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Wokeness is in retreat, but its stench will be hard to eliminate. Consider the curious case of the bone-headed “Nasdaq diversity rules” — edicts by the stock market giant to force every company that “lists” there to choose a board of directors that stresses intersectionality — racial, sexual and gender diversity — as opposed to competence. Sure, diversity is a worthy goal, but demanding outcomes in hiring through practices such as Diversity Equity and Inclusion is the most counterproductive way to run a business that woke mankind ever thought of. Forcing it on corporate boards as Nasdaq has been doing since 2020 is particularly scary. And now it’s illegal. Boards perform a vital function of oversight of public companies, and the C-suite. Making sure the CEO isn’t robbing the place blind is what the law — established through the Depression-era Securities and Exchange Act — demands from directors. Nasdaq turned decades of corporate law on its head at the height of the so-called social justice movement. It came at a particular hysterical time in American history, when the left tried to convince the country it was inherently racist because of the police killing of an ex-con named George Floyd as he was resisting arrest. That was then. These days, sanity is returning and woke is in retreat. Courts are ruling that DEI is illegal. The Fifth Circuit federal court did just that, telling Nasdaq it will have to end the insanity. Yes, the ruling is a sign wokeness is dying. But it’s not quite dead. The rules will likely find an afterlife because of a quirk in the disclosure system, and the way the securities regulators might interpret the court finding, The Post has learned. Reminder: Nasdaq, like its main competitor, the New York Stock Exchange, is a stock market; it wasn’t created to serve as a lefty NGO. One of its functions is to make sure people can buy and sell shares, in an orderly fashion, of the companies that “list” to trade there. Another is to ensure that listed companies follow basic corporate-governance rules that protect investors, including hiring competent directors. Under CEO Adena Friedman, Nasdaq joined the social justice movement that was all the rage in 2020. She demanded that listed companies stock their board with directors who were not the target of progressive ire during that eerie time, aka straight white men. “Each Company, except as described below in, must have or explain why it does not have, at least two members of its board of directors who are Diverse, including at least one Diverse director who self-identifies as Female; and at least one Diverse director who self-identifies as an Underrepresented Minority or LGBTQ+,” the Friedman-led Nasdaq said in its edict. As I point out in my book on progressivism run amok, “Go Woke Go Broke; The Inside Story of the Radicalization of Corporate America,” the idiocy of this rule isn’t confined to the very real fact that it’s illegal by any fair reading of the securities laws or various civil rights acts. There are also very real studies with control groups, margins of error, etc., that show that there’s no link between performance and diversity. Plus, this rule doesn’t apply to all those Chinese companies that Nasdaq lusts for to pay its listing fees. Companies hailing from one of the world’s most oppressive regimes — that are literally controlled by the repressive Chinese Communist Party — get a free pass. No members of the persecuted Uyghur minority need apply, according to Friedman & Co. Chinese listings can get away with placing a couple of women from the CCP to be directors. Nasdaq has argued to me the rules weren’t totally mandatory — though it always reserves the right to reject a listing. It also stressed that the rules were about disclosure, which sounds quaint until you realize that companies are supposed to disclose stuff investors care about like earnings, not their social justice preening. On top of that, the disclosure part had an interesting compulsory element. A company board’s diversity data, listed in its public disclosure filings, could be easily downloaded on the SEC’s website known as EDGAR. This enabled powerful social activist groups with ties to the lefties who run the Biden White House — the Human Rights Campaign, the Center for American Progress — to jump into the debate and pressure companies to up their diversity game as a de facto woke enforcement staff of the Nasdaq. Then something brilliant happened. Someone sued. Not Nasdaq, but its regulator, the equally woke Securities and Exchange Commission, which approved the measure. The lawsuit argued that stock markets weren’t created as political tools of the left. A federal court agreed. Case closed, right? Not quite. The mandates could live on in a perverse way because of the disclosure system that each public company must comply with. The way the people at the Nasdaq explained it to me, the rules were legal until the courts ruled they weren’t. That means the EDGAR system likely continues to keep a record of thousands of companies that compiled the useless and illegal data the Nasdaq asked for, they tell me, even after the Nasdaq is supposed to vacate the mandates in early February. They could be around well into perpetuity for the likes of the Human Rights Campaign to enforce their brand of social justice, securities lawyers I speak to say. As one corporate lawyer told me: “Just think how dumb it was to have a stock exchange telling companies what slots you have to fill while giving the Chinese a pass. Then they will just sit there, which is even dumber.”