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Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

Dell Posts Gain in Delayed 3Q Results [Business Week]

Summary: Dell reported preliminary Q3 net income of $677m, or $0.30/share, beating analyst estimates of $0.24/share, on revenue of $14.44b. Sales and margins were driven by its "mobility products" (inc. notebook PCs) in which sales grew 17%, whereas desktop PCs sales fell 5%. Dell is under SEC investigation and warned its earnings could be revised and impacted negatively, thus it didn't provide y-o-y figures. Last Q3 it earned $606m, or $0.25/share, on revenue of $13.9b. Dell was surpassed by HP in the quarter, losing its #1 ranking in PC shipments, according to IDC and Gartner. It suspended its share buyback program in Sept after spending $335m to repurchase 15m shares in the quarter. Its shares closed 0.7% higher at $24.82 yesterday, but soared in the after-hours to $27.04 on heavy volume. So far early in the pre-market they are near $27 on thin volume. At $27/share Dell is about 20% off its 52-wk high.Dell-DELL-1yr-chart-11-21-06
Related links: Dell Press Release. Media coverage: BusinessWeek, Reuters and NY Times. Commentary: Dell's Delayed Numbers Were Worth The WaitDell's Operating Margins, Sales Show ImprovementDell Stonewalls Investors - Mum on SEC Investigation, EarningsHP's Q4 Earnings Jump; Surpasses IBM and Dell . Conference call transcripts: Dell Q2 2007, Note: Dell will not host a Q3 CC.
Potentially impacted stocks and ETFs: Dell (DELL) • Competitors: Hewlett-Packard (HPQ), Gateway (GTW), Lenovo (OTCPK:LNVGY), Sony (SNE), Apple (AAPL) • ETFs: Internet Architecture HOLDRS (IAH), Vanguard Information Technology ETF (VGT)

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Source: Dell Beats in Delayed Q3, Margins Improve