Dell Sinks 13 Percent on Lower Guidance
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For the second time in two months, the personal computer maker took a knife to earnings estimates Friday, predicting net income of 21 cents to 23 cents a share on sales of $14 billion in the second quarter. Analysts were looking for earnings of 32 cents a share on sales of $14.23 billion. Right now shares are down $3.09 (-13.98%) with the last trade going for $19.01.
Shares of the Round Rock, Texas, computer maker tanked $2.61, or 12%, to $19.25 Friday morning. Earlier, the stock fell to $19.05, its lowest price since September 2001. “These estimates primarily reflect aggressive pricing in a slowing commercial market worldwide,” Dell said.
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