3 Stocks I Saw on TV: Dan Fitzpatrick examines three stocks viewed on Fast Money. Today's stocks include Hess Corp., McDermott and Emulex.
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Storage has been out of favor for way too long, since the last bear market.

Have made good money over past years

Emulex Corp. is expanding a stock repurchase plan to help boost its shares as the data storage networking supplier battles a sales slowdown.

The Costa Mesa, Calif.-based company said last Thursday that its board has allotted another $100 million for buying back Emulex's shares. The company had already committed to spending about $40 million to acquire its stock during the current quarter ending in September.

Emulex made the commitment on the same day that it suffered a $50.4 million loss in the fourth quarter while its revenue eroded by 11 percent to $112.8 million. Management expects the company's revenue to fall below analyst estimates in the current quarter.

Analyst Paul Mansky raised his rating on Emulex shares to "Buy" from "Sell," and increased his price target to $16 per share from $10. He also placed Emulex shares on his Top Picks Live list, a portfolio of recommended stocks.

Mansky said Emulex should be able to clear its inventory of adapters in the next few months, and will work to increase its market share in bladed servers.

The rally came in spite of a weak outlook for Emulex, as its profit and revenue forecast did not reach Wall Street's estimates.

Citigroup downgraded two storage stocks. EMC (EMC) was downgraded form Buy to Hold, Citigroup said. The rating on Emulex (ELX) was also cut to Sell, as channel checks show that storage spending broadly slowed down in March and into April.

Emulex (ELX) was downgraded to Market Perform, Wachovia said. Estimates also cut, as company may guide lower at its first quarter report. Checks show to slowing demand at key customers.

Emulex (ELX) was upgraded from Market Perform to Outperform, Friedman, Billings Ramsey said. $25 price target. Stock offers attractive upside potential, especially relative to QLGC.

Emulex (ELX) was downgraded to Market Perform, Friedman, Billings Ramsey said. Stock has passed the $22 price target, and is already pricing in solid results through the end of the year.

Friedman, Billings, Ramsey said it is upgrading Emulex (ELX) to Outperform. The company guided the September quarter below consensus due to inventory build up by two large customers. This inventory will now be factored into estimates. $22 price target.

Downgraded by RBC Capital Mkts from Outperform to Sector Perform

took a beating

--emulex