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DELL

Dell Inc.

5/20/2013, 4:54 AM ET

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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]
Friday, May 10, 12:03 AM More on Icahn/Dell: The WSJ and NYT report Icahn and Southeastern will offer shareholders $12/share that can be taken in cash or stock, to go with the option to maintain additional shares in a recapitalized Dell. In a letter to Dell's board, Icahn/Southeastern effectively threaten to go to the courts if investors don't get a chance to vote on their offer. "Either give shareholders the real choice they are entitled to or face the legal liability for your failures." Comment! [Tech, M&A]
Thursday, May 9, 11:40 PM Carl Icahn (stake capped at 10%) is partnering with Southeastern Asset (8.4% stake) to wage a proxy battle to acquire Dell (DELL), CNBC reports. Icahn and Southeastern will reportedly offer $12/share in cash, and finance the rest of the deal with debt. No details yet on what the exact premium will be relative to Silver Lake and Michael Dell's $13.65/share LBO offer. (Dell/Icahn agreement: I, II) Comment! [Tech, M&A]
Monday, May 6, 11:48 AM As its investors continue to mull Silver Lake's LBO offer, Dell (DELL +0.1%) announces it's buying Enstratius, a developer of software for managing apps deployed across public, private, and hybrid clouds (many enterprises are now using some mixture of the 3). Enstratius claims support for 20+ cloud platforms, including Amazon Web Services, Windows Azure, and OpenStack. The purchase complements Dell's Quest systems management software unit and its Boomi cloud integration tool unit, and the company's broader goal of relying more on enterprise software and less on PCs. Comment! [Tech, M&A]
Monday, May 6, 11:23 AM The TD Ameritrade Investor Sentiment Index rose 0.23 points in March to 5.37, the 4th highest point in its 3-year history, and the best level since June 2011. Customers rotated out of outperforming names like DELL, PG, and HPQ, and into laggards like BIDU and FB.
1 Comment
Friday, May 3, 6:40 PM From all indications, Dell (DELL) gained server share in Q1 and H-P (HPQ) lost some, though the specifics are up for debate. IDC's preliminary data has Dell's global server unit share rising 240 bps Y/Y to 27.8%, and H-P's falling 440 bps to 30.9%. Gartner, meanwhile, thinks H-P's share fell 420 bps Y/Y to 25%, and Dell's rose 70 bps to 22.2% (its numbers might be calculated differently). Dell's revenue share is lower than its unit share, due to its reliance on SMBs and x86 servers. Nonetheless, servers have been a clear bright spot for the company as its PC sales crater. (Q4 revenue data) Comment! [Tech]

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