PC Market Not Looking Good, Dell Especially

Seeking Alpha: "HPQ just reported Jan-Q revs down -14.3% Q/Q, and it had the bene?t of services and software to mitigate the decline-something DELL does not have. The Street is expecting a Q/Q decline of just -5.2% Q/Q for DELL's FQ4 (Jan). Based on the data, we believe a decline of 15.0-17.5% Q/Q or more is in order, which would yield revs of $12.509-12.887B (Street $14.375B). DELL doesn't give guidance, but FQ1 (Apr) revs also appear much too high on both an actual and growth basis: as the table below shows, a sample of major comps and suppliers on avg expect a Q/Q Mar/Apr rev decline of -14.6% vs -4.0% for DELL."

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