Reading tech blogs and analyst research, one gets the impression that Dell is down and out for the count. The company's business has contracted, as has its share price. But don't dismiss Dell yet. It has $9.5B of cash, or $5/share, and if you back that out of the stock price, you're paying just $3.61 a share for a computer company that netted $2.5B in the fiscal year that ended January. Averaging 2009 earnings and projected 2010 earnings, and the P/E ratio is just under three.