More EMC analysis (although IIRC it owns 86% of VMware, which would drop the EMC sans-VMware valuation another couple $B)
So assuming that Wall Street is valuing EMC while considering that $10.3bn cash hoard, the company is worth $52bn without any premium at all. The other way of looking at it is that EMC is only worth $31.4bn after you take the cash out of the market cap — that's how I think about it.
Now, VMware ended the day with a $32.2bn market capitalization, has $2.8bn in cash, and owes EMC $450m in notes. That would imply, if you think about it logically, that EMC's 80 per cent stake in VMware (which should be part of its stock price) is worth $23.5bn net of cash, and that makes the non-VMware portion of EMC — all the data-storage and data-management stuff, the backup and recovery software, the document-management applications, and even the new Greenplum data-analytics appliances — worth a piddling $7.9bn.