Blog Posts by Chris Nichols

The rumored buyout deal for Dell (DELL) has been confirmed at last, and the Texas-based computer maker will be taken private by founder Michael Dell and Silver Lake Partners for $24.4 billion.

He and the investment firm will pay $13.65 for each share of Dell, a price that's probably what the company is in fact worth. That said, it's also one that's undoubtedly a disappointment to many investors, especially those who have held the stock for years and were hoping for a premium if this day should arrive.

When a published report last week said Dell might be sold for $15 to $16 a share, that indicated a more palatable end was possible, yet ultimately the initial speculation about a $13 to $14 range prevailed.

Yahoo Finance produced a model in January that pegged the implied value of Dell at $13.60, but the estimate didn't account for any additional reward that might be offered to share owners in order to secure their approval to sell. It doesn't appear any will be coming.

[Dell projections:

Pizza Hut has come out with another new product, this time aiming to pull in eaters by going small.

The Plano, Texas-based pizza chain, part of Yum! Brands (YUM), has created a line of mini pizzas that will replace the personal pan pizza as the most diminutive pie on the menu.

Pizza Hut's slider-type pizzas each are a little more than half the size of the 6-inch personal pan, and the plan is to sell them three for $5 or nine for $10. The image here is a partial screenshot of Pizza Hut's Facebook page with a group of the little pizzas.

For what is ostensibly a pizza shop, Pizza Hut likes to mix it up, as many restaurants do, and try new things on the menu. Sure, it still has the standard thin crust and pan pizzas you know and love -- note below the more than $5 billion in U.S. sales. But over the years it's added Buffalo wings, Tuscani pastas, the calzone-like P'Zone, cinnamon sticks, Hershey's Chocolate Dunkers, and the $10 Dinner Box that features a rectangular pizza.

Pizza Hut's

Dell (DELL) shareholders might be getting more than they bargained for, and in a good way. Should the latest reports prove accurate, the potential buyout price for the PC and server maker keeps going up.

If you own the stock, you're getting a more generous gift than what you might have been offered a couple of weeks ago. Now, the possibility is being discussed that Dell, the subject of takeover rumors since mid-January, could be sold for $15 to $16 a share. The New York Post, which reported on the possibly elevated range, said an acquisition may be announced by Sunday or Monday. That would put a price of about $24 billion on the Round Rock, Texas, company.

Dell founder Michael Dell is said to be trying to reach an agreement with Silver Lake Partners to buy the company and turn it private. Published reports have also indicated Microsoft (MSFT) will likely take a minority stake. Michael Dell himself is the largest Dell holder, with more than 273 million shares, or 15.7% of the stock,

Olin (OLN) said the backlog for its Winchester ammunition unit has multiplied nearly 10-fold since the end of 2011, and it expects business to stay strong in the months ahead thanks partly to consumer demand that's being stoked by the debate about new firearms laws.

At the close of the year, Winchester's commercial backlog stood at $138 million, up from $92 million at the end of September. Since 2013 arrived, Olin said demand has only continued to swell, with backlog reaching approximately $280 million in January. By comparison, the backlog on Dec. 31, 2011, was $29 million -- that's a leap of about 9.65 times in 13 months.

The Clayton, Mo., company said in a press release late Monday that Winchester started seeing heightened interest around the time of the November election "and the elevated level of demand continued through the balance of the year." During the fourth quarter, commercial volume, covering shipments to retailers, rose more than 20% from the same quarter the prior year,

Olin (OLN), the owner of one of the best-known firearms brands in the world, will be posting its fourth-quarter results after the bell Monday. This will be its first financials since the national gun-control debate reached a pitch not heard in years.

The Clayton, Mo., company oversees Winchester ammunition and trademarks on long guns, and it's expected to report earnings of 35 cents a share on sales of $546.6 million for the final quarter of 2012. Beyond those numbers, what should be more telling are any details Olin may provide with regard to Winchester, specifically about the unit's performance since the quarter ended and what it foresees for the months ahead.

Source: Olin

Following the December shooting at Sandy Hook Elementary in Newtown, Conn., gun-control advocates went on the offensive, calling for stricter laws about the types of firearms that could be sold in the U.S. and to whom. Gun-rights supporters have fought back hard, saying that the Constitution governs citizens'

Add Coach (COH) to the list of retailers that had a disappointing holiday season.

The high-end seller of purses and tote bags reported a sluggish sales period for its fiscal second quarter, saying the economy overall and competition in the sector hurt its financials. As a result, the stock was having one of the worst single sessions in its history, sinking 15.4% to $51.33 Wednesday. According to FactSet data, at a decline of that level, the stock is set to record its fourth-biggest drop going back to the fall of 2000.

Evidence is continuing to mount that shoppers were hesitant to part with their cash as Christmas drew near, as a number of well-known chain merchants in sectors from apparel to games to jewelry have signaled a decided lack of consumer enthusiasm during the most important time of year for retail.

As for Coach, the sell-off in its stock came after the company posted quarterly sales of $1.50 billion. That was up 4% from last year, but it was the slowest rate of growth since

Whether Dell (DELL) will be taken private, and at what price if so, continues to produce a variety of angles, and the latest is that one of the buyout participants could be Microsoft (MSFT).

CNBC reported that Microsoft is exploring a contribution of $1 billion to $3 billion toward a deal for Dell. No acquisition has been confirmed, but the pursuit of Dell is said to be led by private-equity firm Silver Lake Partners and Dell founder Michael Dell, reportedly for around $13 to $14 a share.

The key questions here are why would Microsoft do it and whether it would be the most sensible undertaking for the team in Redmond, Wash. Shareholders weren't terribly distressed, but they weren't applauding the notion, either. Microsoft's stock was down 10 cents at $27.15. Dell, meanwhile, was up 2.2% to $13.12.

Without question, Microsoft could afford it, and it knows Dell well, having supplied software to the computer seller for years. Even at the high end of the estimated stake and assuming a

Editor's note: This article has been corrected. The original discounted cash flow model on Dell contained an error in determining the stock's implied value. Operating income was erroneously included in the calculation of unlevered free cash flow. As a result, other adjustments were required to arrive at a justifiable price. In this case, that meant changes to the forecasts for gross margin, capital spending and acquisitions. The new implied price is $13.60, compared with the initial per-share value of $13.61.

Dell (DELL) has been making headlines recently following reports it could be nearing a deal to go private for a price in the neighborhood of $13 to $14 a share. Based on Yahoo Finance’s analysis, that’s about the right price. Using a discounted cash flow projection, our model puts an implied value of $13.60 on the PC maker’s shares.

While Dell still has substantial revenue, currently above $60 billion a year, its stock has been sluggish for years and hasn't been above $20 since