Dell Drops to Three-Year Low as Forecast Misses Estimates
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Dell Inc. tumbled to the lowest price in more than three years after forecasting a fourth straight quarter of declining sales, a sign that a slump in demand for personal computers will persist.
The stock dropped 7.3 percent to $8.86 in New York, for the lowest close since March 10, 2009. Fiscal fourth-quarter revenue will be $14 billion to $14.4 billion, the Round Rock, Texas-based company indicated in a statement yesterday. That’s less than the $14.5 billion average estimate of analysts, according to data compiled by Bloomberg. Revenue was $16 billion a year earlier.