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Will EMC Stock Be Helped by Cost Cutting Plan?

NEW YORK (TheStreet) -- Shares of EMC Corp. (EMC - Get Report) are down 0.58% to $25.53 in early market trading on Monday after the company announced plans to layoff an unspecified number of people ahead of its acquisition by Dell.

The data storage company is looking to cut annual costs by $850 million, although it will take a charge of $250 million and make cash payments of $220 million as part of the restructuring.

The bulk of the job cuts are expected to take place by the end of the first quarter with the full plan to be implemented by the end of the year.

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Dell, which went private in 2013, acquired EMC for $67 billion in October.

Putting negative pressure on EMC today is the decline of Chinese stocks. Tensions between Saudi Arabia and Iran as well as weak manufacturing surveys in China have caused the Dow to drop over 300 points this morning.

Recently, TheStreet Ratings objectively rated this stock according to its...