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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 692.06

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Feb 10 4:00 PM EST

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To: Johnny Canuck who wrote (40993)	4/8/2004 11:55:26 AM
From: Johnny Canuck	Read Replies (1) of 70666

08:12 DELL Dell Computer: Color on Guidance (34.82 ) -- Update -- Dell modestly raised AprQ rev guidance to $11.4B from $11.2B yesterday ahead of this morning's analyst meeting. According to mgmt, the upside was driven by intl markets and all product lines. The co also boosted AprQ share repurchase to $1.1B from $600M, slightly more than 100% of cash flow from operations. Smith Barney raises F06 EPS est to $1.50 from $1.45 to reflect the likelihood of continued declines in tax rate as intl becomes a larger part of the mix and accretive share repurchase. The firm also increases price target to $38 from $36, reiterates Hold... First Albany increases rev est to 11.4B from 11.3B, maintains their EPS est of $0.29 (a penny above the consensus), but lowers gross margin est slightly. The firm sees three factors that could cause EPS to round up: 1) strength in international (lower tax rate) and enterprise (higher margins); 2) impact from the higher share buyback; 3) any additional revenue upside. Analyst reiterates Buy and remains price target at $40.

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