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A second-half recovery? Not at Dell |
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Hard to believe Dell’s shares rose on this news
Yeah, earnings after one-time items (if you assume
restructuring costs are a one-time event, and that’s quite an assumption) beat
estimates by a penny. But revenues fell 23%, missing expectations. In other
words, analysts weren’t pessimistic enough.
Of course, that’s hindsight. What about the future? Even
Michael Dell doesn’t expect a recovery before 2010.
More evidence, I’d say, that all the talk about green shoots
turning into actual GDP growth during the second half of this year is just
that.
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