Shares of NetApp Inc jumped 7 percent on Thursday after Bloomberg cited unidentified sources as saying activist investor Elliott Management has taken a "significant" stake in the company and intends to push for changes to the board and cash return strategy.
The data storage equipment maker's stock was up at $38.75 in heavy mid-afternoon trading. Elliott has been in talks with the company for weeks over various proposals, including a new slate of directors, Bloomberg cited people familiar with the matter as saying.
Elliott now has a stake of under 5 percent, it said. The investment firm and NetApp did not respond to requests for a comment.
(Editing by Bernard Orr)
Chinese court rules in favour of Apple in local design patent disputes
BEIJING, March 25 A Chinese court has ruled in favour of Apple in design patent disputes between the Cupertino, California company and a domestic phone-maker, overturning a ban on selling iPhone 6 and iPhone 6 Plus phones in China, Xinhua news agency reported.