On Wednesday afternoon, NetApp (NTAP) announced that its second-quarter profit came in more than twice that from the same period a year ago. The company raked in 27 cents per share during the quarter, compared to 13 cents per share a year ago. Excluding items, the tech firm would have pulled in 37 cents per share. Expectations called for earnings of 30 cents per share on revenue of $881.6 million. Actual revenue came in at $910 million, handily topping the consensus estimate.

NTAP's CFO, Steve Gomo, attributed the far better-than-expected earnings to improved sales of the company's main storage-area-networking. This product helps businesses build their data storage operations.

Neither company is saying a thing yet, but word is Cisco Systems (NASDAQ: CSCO) and EMC (NYSE: EMC) are joining up to sell a new collection of products designed to deliver cloud computing capabilities, Reuters reports. Called vBlock, the cloud solution is intended to help the companies compete more effectively with IBM (NYSE: IBM) and Hewlett-Packard (NYSE: HPQ).

The partnership, which no one is admitting to, involves a joint venture between Cisco and EMC that will sell vBlock. The former will supply the networking equipment and servers, with the latter kicking in the storage gear and virtualization technology through its VMWare (NYSE: VMW) subsidiary. The joint venture will put the systems together, integrate the components for clients, and make the whole pile of cables and silicon work. A formal announcement is expected next week.

GreenBytes, a unique data storage appliance company, has just received an $8 million Series A round of investment financing. Battery Ventures completed the deal, which provides fresh resources for the Rhode Island-based energy-efficient technology company.

Founded in 2007, GreenBytes offers network attached storage (NAS) and storage area network (SAN) solutions that reduce energy consumption, providing a cost savings opportunity while also addressing corporate social responsibility considerations.

It goes without saying that, in a recession the financial community can really overdo it on the downside, with certain stocks, and EMC Corp is in that category.

EMC Corp. (NYSE: EMC) is a major player in network storage and security, and when the recession hit, Wall Street adjusted downward corporate IT spending estimates, and of course took EMC's shares down with it. Shares plunged from a pre-recession high of about $25 to lows around $8 -- way oversold. Talk about haircuts!

According to Fox News, scientists at International Business Machines Corp. (NYSE: IBM) have found "a new type of digital storage which would enable a device such as an MP3 player to store about half a million songs and cost far less to produce." The development was first published in last week's Science magazine and if implemented would allow for devices that could last more than the "standard" service we see now. The technology, called "racetrack memory" is currently only "exploratory", but IBM hopes to have it in devices within ten years time.

As nice as it sounds, it's hard to see manufacturers or production companies seeking to use technology that would allow for devices that "run on a single battery charge for 'weeks at a time,' and last for decades." Apple Inc. (NASDAQ: AAPL)'s most spacious iPod has a 160 gigabyte hard drive and can store 40,000 songs. If the new technology was used it would mean more than a 10-fold increase in songs but that is still less than the current iPod's more than "32 times the amount of storage the first iPod had when it debuted in late 2001."

The new memory is reportedly also a major improvement over flash, "the most advanced type of memory for small devices", since it has no moving parts, can write data very fast, and will not "wear out" after countless uses. Stuart Parkin, the lead researcher for IBM, also hinted that "the promise of racetrack memory could unleash creativity leading to devices and applications that nobody has imagined yet." In ten more years maybe we can look back and think about the next step, but until then the prospect of many more small numerous portable devices is exciting and distressing.

It seems that businesses and governments are drowning in data. And it's good news for the networked storage business, which clocked about $12.5 billion in revenues in 2006. In fact, according to IDC, the market is expected to reach $21.6 billion by 2011.

An innovator in the space is BlueArc. And, to boost growth, BlueArc has filed for an IPO. The company develops high-performance "unified network storage systems." Not only does the technology handle gobs of data, but is also fairly energy efficient.

BlueArc has been growing at a hefty rate. From 2005 to 2006, revenues increased from $23 million to $42 million. Although, there was a loss of $12.7 million last year. The company has assembled more than 40 value-added resellers and partners. What's more, the customer base is over 200.

The lead underwriters on the IPO include Credit Suisse (NYSE: CS) and Lehman Brothers (NYSE: LEH). The prospectus is located on the SEC website.

If you'd like, check out more IPOs here.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements.

EMC Corporation (NYSE: EMC), the data storage company, has been in a very tight trading range for years. Five years after many of the large tech poster-child stocks bottomed, EMC has had a tough time sustaining a rally.

However, according to Barron's Technology Trader column (subscription required), EMC might be a beneficiary of virtualization, software applications which allow users to more cost effectively utilize their hardware. EMC's VMware is a leader in this space and is expected to show a 60% revenue gain this year, according to Sanford Bernstein.

A big driver for virtualization is the move to data centers. Companies can outsource many functions to data centers which specialize in virtualizing services.

EMC has been dead money for a while. This quarter's results should provide some insight into how VMware business is performing. If this business continues to take hold, this stock should attract investor interest again. And as if to prove the point, UBS today upgraded EMC to Buy from Neutral.