Dell investors are more excited about the transaction than VMware shareholders, with the latter company's stock is up a more modest 1.4%. VMware's most recent earnings release notes that it had $4.715 billion in "total cash, cash equivalents and short-term investments." Perhaps its shareholders aren't enthused at the prospect of levering VMware's balance sheet to help Dell do the opposite. Dell's debt hangover from $67B EMC deal could put VMware stock in play