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DELL

Dell Inc.

5/26/2013, 3:47 AM ET

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Thursday, May 23, 5:12 PM Carl Icahn and Southeastern Asset Management have initiated talks with banks and asset managers to line up commitments for as much as $7B in bridge loans to back their leveraged recapitalization proposal for Dell (DELL), Reuters reports. Icahn and Southeastern are looking to lock in the financing before Dell shareholders meet in July to vote on a rival offer from CEO Michael Dell and Silver Lake Partners. Comment! [Tech]
Thursday, May 23, 11:11 AM The broad selloff isn't touching H-P (HPQ +14.2%) following last night's earnings. Jefferies' Peter Misek weighs in with an upgrade from Sell to Hold. He praises H-P for having the discipline to sacrifice PC market share to retain profitability (unlike DELL; Whitman (transcript): "Maybe that's what you do when you're about to go private.") Misek also likes the cash flow guidance of $7.5B - "(it) materially changed our view of H-P margin, cash flow, and EPS prospects." 2 Comments [Tech, On the Move]
Wednesday, May 22, 12:51 PM Avoid names with hefty PC, server, or printer exposure, says Goldman, lowering its 2013 PC shipment forecast to -6.8% from -3.8% and - pointing at DELL's earnings - warning pockets of price aggression at OEMs could spread. Making the list are sell-rated: HPQ, LXK, and QLGC. H-P reports after the bell. 5 Comments [Tech]
Monday, May 20, 6:50 PM Google (GOOG) roundup: 1) YouTube's video upload rate has passed 100 hours per minute. That's up from 72 hours last year, and 48 the year before. The milestone comes as YouTube expands live streaming support, and announces plans to unify its design across devices/platforms. 2) In July, Dell (DELL) will begin selling Project Ophelia, a $100 USB flash drive-shaped device that allows any monitor with an HDMI port to be turned into an Android PC. Dell is also working on "a keyboard-like technology for users to type when Ophelia is docked to a screen." 6 Comments [Tech]
Monday, May 20, 7:30 AM DELL's board sends another letter to Carl Icahn and Southeastern Asset Management, reiterating its need for more details on their purchase proposal, i.e. how they plan to finance it. "Unless we receive information that is responsive to our May 13 letter, we are not in a position to evaluate whether your proposal (is superior to Dell and Sliver Lake's). Comment! [M&A, Tech]
Thursday, May 16, 6:14 PM Dell (DELL) has "aligned" its pricing strategy to match a competitive environment, says CFO Brian Gladden during the FQ1 call, explaining the mixed results. He also states Dell repaid ~$2B in debt. The services unit is seeing both rising infrastructure/cloud/security sales (+11% Y/Y), and slumping application/BPO sales (-15%). Networking sales +24%, as Force10 continues gaining share. Asia-Pac sales -12% Y/Y (share loss to Lenovo/Asus?), worse than FQ4's -9%. But EMEA -2% vs. -14%, and Americas +1% vs. -10%. (slides) (live blog) (sales breakdown) Comment! [Tech]
Thursday, May 16, 4:22 PM More on Dell: Revenue only fell 2% Y/Y after dropping 11% in FQ4 - Carl Icahn will notice. But gross margin -140 bps Y/Y to 20.6%; Dell was apparently willing to price more aggressively. Spending picked up: SG&A 15.7% of revenue vs. 13.9% a year ago, R&D 2.2% vs. 1.7%. Desktop sales only -2%, much better than FQ4's -14%. Notebooks -16% vs. -25%. PCs 49% of sales. Servers/networking (19% of sales) still strong, +14% vs. +18%. Storage still weak, -10% vs. -13%. Services +2%, up from -3%. 3rd-party software/peripherals -6% vs. -11%. $295M in Dell software sales (lifted by Quest). No guidance. DELL unchanged. CC at 4:45PM ET (webcast) (PR) 7 Comments [Tech, Earnings]
Thursday, May 16, 4:02 PM Dell (DELL): Q1 EPS of $0.21 misses by $0.14. Revenue of $14.1B beats by $0.58B. (PR) 2 Comments [Earnings, Breaking News, Tech]
Thursday, May 16, 5:00 AM Based on his latest 13F filing with the SEC, Carl Icahn put in a solid Q1 as the value of his holdings rises from $12.9B at the end of Q4 to $16.9B as of March. New additions include loudly trumpeted stakes in Herbalife (HLF) and Dell (DELL) as well as a 3.7M share stake in Nuance Communications (NUAN). Icahn's Netflix (NFLX) stake remains on the books and is now worth more than $1B. Comment!
Thursday, May 16, 12:10 AM Notable earnings after Thursday’s close: ADSK, AMAT, ARUN, BRCD, DELL, JCP, JWN, SINA, VNET Comment! [Earnings]
Wednesday, May 15, 5:35 PM Notable earnings after Thursday’s close: ADSK, AMAT, ARUN, BRCD, DELL, JCP, JWN, SINA, VNET Comment! [Earnings]
Tuesday, May 14, 11:38 AM Dell (DELL -0.6%) will deliver its FQ1 report on Thursday instead of next Tuesday and EPS will miss estimates, David Faber reports. Though light on details, Faber says annualized operating income will be "well below" the $3B the Street is looking for, and notes weaker free cash flow will hurt the ability of a buyer to lever up the company. Shares are down to $13.44, 2% below Michael Dell/Silver Lake's $13.65 offer price. Update: Dell confirms its FQ1 report will now arrive on Thursday afternoon. 5 Comments [Tech, Earnings, Breaking News, Top Stories]
Monday, May 13, 5:02 PM Carl Icahn and Southeastern Asset issue their nominations for Dell's (DELL) board. The 12-person nominee list includes Icahn, Southeastern CEO Bernard Lanigan, Jr., and former Lawson Software CEO Harry Debes. (previous) Comment! [Tech, Breaking News]
Monday, May 13, 7:46 AM A special committee of the DELL board pens a letter to Carl Icahn asking for details on his potential new offer, particularly how he intends to finance it. It's a question, says Dan Primack, Icahn is in no position to answer. Shares -0.4% premarket. 5 Comments [Tech, Breaking News]
Friday, May 10, 12:50 PM "If our board is elected, Michael Dell will not be running the company," says Carl Icahn on CNBC, making it clear there's no love lost between him and Dell's (DELL +1.2%) leadership. Icahn declares Michael Dell is "stealing the company," and that his actions are "like something out of Saturday Night Live." He promises bridge loan guarantees for his offer will arrive, though they aren't done yet, and that he'll provide $2B himself if all else fails. (previous) Update: Icahn also suggests Dell's PC business could be on the block if his bid succeeds. 7 Comments [Tech]
Friday, May 10, 11:10 AM Dell (DELL +0.8%) barely budges on news of Carl Icahn and Southeastern Asset's bid for the company. Like his earlier offer, Icahn plans to finance the deal using Dell's cash/receivables and a $5.2B bridge loan, but there's no special dividend this time. Icahn/Southeastern have filed their letter to Dell's board with the SEC: among other things, they estimate Dell's post-acquisition equity stub will earn $0.50-$0.89/year in pre-tax EPS, assuming (perhaps optimistically?) only 20% of shareholders opt to receive their $12/share payout in stock. 1 Comment [Tech, M&A]

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