|Bid||0.00 x 900|
|Ask||0.00 x 800|
|Day's Range||45.24 - 46.19|
|52 Week Range||25.51 - 67.31|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||7.55|
|Earnings Date||Aug 27, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||50.12|
(Bloomberg) -- Dell Technologies Inc. reported quarterly revenue and profit that were better than projected on greater sales of personal computers to businesses with employees working from home, even while server demand waned. Shares jumped 7% in extended trading.Revenue was $21.9 billion in the period that ended May 1, little-changed from a year earlier, the Round Rock, Texas-based company said Thursday in a statement. On average, analysts estimated $20.8 billion, according to data compiled by Bloomberg. Dell generated profit, excluding some items, of $1.34 per share, easily beating analysts’ projection of 95 cents.Chief Executive Officer Michael Dell has been the architect of a strategy to offer diversified information technology. The company makes PCs, data-center hardware, cybersecurity products and other software. The resulting empire was saddled with debt, which the company has prioritized paying down to have an investment-grade credit rating. Dell reported it repaid $5.4 billion in debt during the fiscal first quarter, leaving it with $48.4 billion in long-term debt.To save costs during the recession caused by the coronavirus pandemic, Dell has frozen hiring, raises, promotions and contributions to its employees’ 401(k) retirement plans, Bloomberg News reported this month. During Donald Trump’s tenure as president, Dell has shifted its supply chain away from China where possible to avoid the worst effects of the trade war with the U.S. That decision looks to have paid off, with Dell’s PC business holding up better than that of rival HP Inc., which on Wednesday reported declining PC sales partly due to supply disruptions.In a conference call after the results, Sweet said revenue in the current period would be “seasonally lower” than in prior years. Usually, sales in the three months ending in July are higher than in the fiscal first quarter, but that may not happen this year. Dell withdrew its forecasts in March and Sweet didn’t offer any further guidance on Thursday.“We’re all navigating through a difficult time right now, but our focus has been on let’s get through this, let’s do the right thing and then let’s position the company properly to take advantage of the opportunities post-crisis,” Chief Financial Officer Tom Sweet said in an interview. Among those opportunites, he said, are demand from the explosion of data, new fifth-generation wireless networks and edge computing, in which servers are located closer to customers rather than at far-way centers.Dell also said it would suspend a share-repurchase plan announced in February that was valued at $1 billion over two years.Shares reached a high of $49.74 in extended trading after closing at $45.58 in New York. The stock has dropped 11% this year.Fiscal first-quarter revenue in Dell’s personal computer division, called the Client Solutions Group, climbed 2% to $11.1 billion from a year earlier. Dell said there was “double-digit unit and revenue growth” in laptops sold to businesses in the quarter as well as “high-single-digit revenue growth” in mobile workstation computers. Overall, the commercial PC business gained 4% to $8.63 billion. Consumer PC sales declined 5% to $2.47 billion.Sales in Dell’s data-center hardware unit, called the Infrastructure Solutions Group, dropped 8% to $7.57 billion. Servers and networking gear sales fell 10% while storage hardware dipped 5%. The company attributed the drop to customers spending more on “remote work and business continuity solutions” rather than server farms.VMware Inc., the publicly traded software maker that Dell owns more than 80% of, saw revenue advance 12% in the first quarter, to $2.8 billion.(Updates with comments from CFO in the sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Dell Technologies (DELL) delivered earnings and revenue surprises of 32.67% and 3.09%, respectively, for the quarter ended April 2020. Do the numbers hold clues to what lies ahead for the stock?
Computer hardware giant Dell Technologies late Thursday hurdled Wall Street's targets for its fiscal first quarter. The Dell earnings report drove its stock higher in extended trading.
Dell Technologies Inc. said that the COVID-19 pandemic has boosted its business in certain sectors Thursday and showed off financial performance well beyond expectations, sending shares more than 7% higher in late trading. The tech company revealed first-quarter earnings of $182 million, or 19 cents a share, on revenue of $21.9 billion, roughly even with sales from a year before. After adjustments for stock-based compensation and other effects, the company reported earnings of $1.34 a share, down from $1.45 a share a year ago. Analysts on average expected adjusted earnings of 97 cents a share on sales of $20.75 billion. "Customers need essential technology now more than ever to put business continuity, remote working and learning plans into practice," Chief Operating Officer Jeff Clarke said in the announcement. "In Q1, we saw orders with banking and financial services, government, healthcare and life sciences customers up 15 to 20 percent - all to meet immediate needs of their customers, communities and patients." Dell stock closed a penny higher at $45.58, but then shot to more than $49 in after-hours trading following release of the results.
Commercial notebooks reported double-digit unit and revenue growth, while mobile workstations posted high-single-digit revenue growth, the company said. "In Q1, we saw orders with banking and financial services, government, healthcare and life sciences customers up 15% to 20%," Chief Operating Officer Jeff Clarke said in a statement.
Dell Technologies posted better-than-expected results for its fiscal first quarter as demand for notebooks heated up amid the work-from-home trend.
NEW YORK, NY / ACCESSWIRE / May 28, 2020 / Dell Technologies, Inc. (NYSE:DELL) will be discussing their earnings results in their 2021 First Quarter Earnings call to be held on May 28, 2020 at 5:30 PM ...
Dell Technologies (NYSE: DELL) announces that Michael Dell, Dell Technologies' founder and chief executive officer, will present as a keynote speaker at the Bank of America 2020 Global Technology Conference in a virtual fireside chat on Tuesday, June 2, 2020 at 12:45 p.m. CT / 1:45 p.m. ET.
Dell Technologies (DELL) is set to report its F1Q21 results this Thursday after market close. Going into the print RBC Capital analyst Robert Muller has reiterated his DELL hold rating with a price target of $42, suggesting shares could pullback a further 2.5%. So far the stock has dropped 16% year-to-date.“While we view consensus expectations as reasonable, we expect Dell to report choppy results through FY21 given supply and demand disruptions related to COVID-19” Muller explains.Recent data points suggest difficulties in Dell’s primary standalone profit engine (ISG), says Muller, adding that he will be listening for commentary surround supply chains and backlogs. “We remain Sector Perform-rated on Dell largely due to its high debt burden, especially given the current macro environment” the analyst writes.Turning to the numbers, Muller is forecasting revenue of $20.9B, EPS of $0.95 and Adj. EBITDA of $2,174MM vs. consensus of $20.7B, $0.93, $2,184MM respectively.For FY21, he is now expecting $89.7B in revenue, alongside EPS of $5.06 and Adj. EBITDA of $9,842MM vs. consensus of $87.8B, $5.03, $9,939MM respectively. The analyst cites a more difficult near-term Server & Storage environment due to supply constraints and Covid-19 weakness as behind his lower numbers.On March 26, Dell withdrew its previous FY21 guidance of $92-95B/$5.90-6.60 for revenue/EPS and Dell is unlikely to reinstate guidance, says Muller.He notes that Hewlett Packard (HPE) posted declines of (20%) and (18%) for its Compute and Storage segments, respectively, during the April quarter due to supply constraints and Covid-19 market uncertainty, “which we view as a solid read thru for Dell's ISG business.”Overall, analysts are divided 50/50 on Dell stock, with 5 recent buy ratings vs 5 hold ratings. The average analyst price target, at $46, translates into upside potential of 6% from current levels. (See DELL stock analysis on TipRanks).Related News: Salesforce Earnings Preview: Five-Star Analyst Bullish Into Print Google, Apple Roll Out Coronavirus Contact Tracing Technology IBM Is Said To Make Far-Reaching Job Cuts Across The U.S. More recent articles from Smarter Analyst: * AutoZone Surprises with Business as Usual Quarter * Logitech Shares Lifted In Pre-Market On Share Buyback Plan, 10% Dividend Boost * Billionaire Ackman Exits Berkshire Hathaway, Blackstone To Fund Opportunities * HBO Max Launches, But Not Yet Available on Amazon, Roku Platforms
This week is a shortened trading week with major markets closed Monday in observance of the Memorial Day holiday. Investor focus will remain on the coronavirus and its impact on the U.S. economy as most states across the country continued their phased reopening plans.
(Bloomberg) -- International Business Machines Corp. cut an unspecified number of jobs across the U.S., eliminating employees in at least five states. The company declined to comment on the total number, but the workforce reductions appear far-reaching.“IBM’s work in a highly competitive marketplace requires flexibility to constantly add high-value skills to our workforce. While we always consider the current environment, IBM’s workforce decisions are in the interest of the long-term health of our business,” company spokesman Ed Barbini said Thursday in a statement. “Recognizing the unique and difficult situation this business decision may create for some of our employees, IBM is offering subsidized medical coverage to all affected U.S. employees through June 2021.”Based on a review of IBM internal communications on the Slack corporate messaging service, the number of affected employees is likely to be in the thousands, said a North Carolina-based worker who lost his job along with his entire team of 12. “This was far ranging -- and historical employment ratings, age and seniority did not seem to matter,” he said. The person asked not to be identified on concern that speaking publicly may impact his severance package.The cuts also affected employees in Pennsylvania, California, Missouri and New York, where IBM is based, according to people familiar with the matter.Another worker who lost his job said the reductions mostly focus on IBM’s North American workforce. Half of his 70-person department were cut on Thursday and told their last day with the company will be June 22. The person asked not to be identified discussing a sensitive topic. The tech industry has suffered widespread job losses after the coronavirus pandemic triggered a severe recession. Airbnb Inc. and Uber Technologies Inc. have cut about a quarter of their workforces. Earlier on Thursday, Hewlett Packard Enterprise Co. said it will eliminate some employees to save money, while Dell Technologies Inc. suspended several staff benefits. It’s unclear how many of IBM’s cuts are caused by the pandemic. The company has suffered years of falling revenue. In an earnings call in January, IBM discussed reducing costs through “aggressive structural actions” to improve the competitiveness of its Global Technology Services consulting unit, which represents about a third of revenue.In online forums Thursday, dozens of newly unemployed IBM workers, some who said they had been with the company for more than 20 years, lamented the situation and expressed fear over finding a new job in a recession. “With the Covid situation, it will be hard to find new opportunities,” one wrote.(Updates with HPE cuts in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Hewlett Packard Enterprise Co. reported declining sales and announced it would cut jobs and reduce executive pay, saying the coronavirus pandemic has disrupted supply chains for data-center hardware.Revenue fell 16% to $6 billion in the period ended April 30, the San Jose, California-based company said Thursday in a statement. Analysts, on average, expected $6.19 billion, according to data compiled by Bloomberg. Profit, excluding some items, was 22 cents a share, compared with an average estimate of 28 cents.The company said it was putting in place a plan to cut costs, with a goal of $1 billion in savings by the end of fiscal 2022. Measures will including simplifying its product portfolio and supply chain as well as changing customer support, marketing efforts and real estate strategies, HPE said in the statement.“It definitely was a tough quarter by every measure and I’m disappointed in the performance, but I don’t see this as an indication of our capabilities,” Chief Executive Officer Antonio Neri said in an interview. “This was clearly driven by supply chain disruptions because of coronavirus,” including a shortage of chip components from China, disrupted logistics and social-distancing guidelines in some regions.Neri said he expected HPE’s sales to “recover sequentially,” with the third quarter posting better results than the second and the fourth improving further. Still, he said, it’s unknown just how bad the economic downturn will be.The company withdrew its annual profit forecast last month, citing uncertainty from the Covid-19 pandemic, which has forced millions of people to stay home to prevent the spread of the virus.HPE shares dropped about 5% in extended trading after closing at $10.36 in New York. The stock has dropped 35% this year.Neri has struggled to spark sales growth at the computing and networking company, which has seen year-over-year revenue declines in all but one quarter since the company split from HP Inc. in 2015. Competing with larger hardware rival Dell Technologies Inc. and dominant cloud-computing companies such as Amazon.com Inc. and Microsoft Corp., HPE has hitched its future to edge computing, which distributes data-processing capacity closer to customers rather than at centralized data centers. More immediately, the company has sought to support sales by offering $2 billion of financing for clients trying to preserve cash in the pandemic.Under the company’s three-year plan to reduce expenses, senior executives including Neri will take 20% to 25% cuts to their base salaries and the board reduced each director’s cash retainer by 25% from July to the end of the fiscal year. The hardware maker will consolidate offices where possible, Neri said. He expects more than half of HPE’s employees won’t return to the office full time, instead dropping in for meetings and collaboration when necessary.The number of employees who may lose their jobs under the cost-cutting plan hasn’t been determined, Neri said. The company will spend the next few months working out the details and evaluating how much it can save in other areas. HPE has already instituted some temporary pay cuts and has frozen employee raises and promotions, executives said on a conference call after the results were announced.In the fiscal second quarter, revenue declined in all of HPE’s business segments. Server sales dropped 20% to $2.64 billion and storage hardware fell 18%. Neri said the company saw “steady” demand from large enterprises while small and mid-sized businesses struggled. HPE wasn’t able to produce as much data-center hardware as clients were ordering, he said.HPE’s integration of supercomputer maker Cray is on track and should yield synergies by 2021, executives said on the call.(Updates with additional details starting in ninth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Dell Technologies Inc. has suspended some employee benefits, signaling that the computer hardware giant is cutting costs to contend with the weakening global economy.The company will discontinue contributions to employees’ 401(k) retirement plans under a matching program, beginning June 1 and continuing at least until the end of the fiscal year, Dell Chief Operating Officer Jeff Clarke wrote to employees in a recent memo, citing the contracting economy and estimates of shrinking spending on information technology.Dell has also frozen external hiring, internal promotions and raises for the rest of the fiscal year, a person familiar with the matter said. The company suspended an incentive program with so-called “inspire points,” which let employees translate commendations from managers and colleagues into prizes that included gift cards, grills and toys, said the person, who was not authorized to speak publicly. Dell hasn’t yet conducted mass layoffs or cut the salaries of rank-and-file employees.“While it’s difficult to predict the shape of the slowdown and a recovery, our job is to prudently manage our business so that we’re in a strong position on the other side of this situation,” Clarke wrote in the memo. “Given the economic uncertainty that continues, we’ve made another tough decision to maintain the strength of our team and future of our company.”Round Rock, Texas-based Dell has 165,000 employees around the world. The maker of personal computers, servers and software entered the Covid-19 pandemic with some existing challenges, including falling demand for data-center hardware, computer component shortages and a massive pile of debt stemming from its acquisition of EMC Corp. Chief Executive Officer Michael Dell has agreed to take a pay cut during the coronavirus crisis, temporarily forgoing most of his salary as a gesture of solidarity with his employees.“Like all companies right now, we’re constantly evaluating our business to plan for resiliency in the current environment and to support our team members, customers, and community in a way that sets us all up for success on the other side of this pandemic,” a Dell spokesman wrote in an emailed statement.Dell hasn’t reported results since February, so it’s unclear how high a toll the pandemic has taken on the hardware maker. Software maker VMware Inc., which Dell owns more than 80% of, also reportedly cut salaries, executive pay and 401(k) matches in response to the faltering global economy.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Dell Technologies (DELL) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Technology companies have become a dominant driver in recent years of economic growth, consumer tastes and the financial markets. The biggest tech stocks as a group, for example, have dramatically outpaced the broader market in the past decade.
Dell Technologies (NYSE: DELL) will conduct a conference call Thursday, May 28, 2020, at 4:30 p.m. CDT to discuss its fiscal 2021 first quarter financial results. The conference will be available to the public as a live, audio-only webcast on Dell Technologies' website at investors.delltechnologies.com; an archived version will be available at the same location.
(Bloomberg) -- Intel Corp. compromised worker safety at some of its factories to maintain chip production in the midst of the Covid-19 pandemic, according to complaints filed with government agencies and employees at one of the sites.At a plant in Chandler, Arizona, the world’s largest semiconductor maker did not isolate staff that worked closely with teammates who had tested positive and did not institute tests, people who work there said. Factory managers also dismissed concerns that social-distancing guidelines were not being followed properly, according to the people, who asked not to be identified because they fear sanction by their employer.Many of these virus-related concerns were also raised in filings to state agencies that regulate workplace safety. The company said it responded with new policies to improve employee safety and kept factory output high because its products are essential.“We completely understand that people would be concerned,” said Darcy Ortiz, a vice president and general manager of corporate services within Intel’s manufacturing organization. “We have a strong safety culture. We’ve provided a means for people to escalate issues. We welcome that.”As far as Intel is aware, there has been no transmission of the virus at a company facility. Complaints in internal forums and to state safety agencies have helped the company refine and improve its response to the pandemic, Ortiz added.One complaint about the Chandler site was sent to the Arizona Division of Occupational Safety and Health. The agency is investigating and won’t comment further until the probe is complete, said Trevor Laky, chief of legislative affairs at the Industrial Commission of Arizona, which oversees ADOSH. It’s unclear if the regulator will take any formal action against Intel.In Oregon, the Occupational Safety and Health division received more than 40 virus-related complaints about Intel plants in the town of Hillsboro and another nearby location. Submitted from late March to late April, the filings accuse Intel of not enforcing social-distancing rules, not providing masks to workers and letting employees with symptoms return to work without providing proof they tested negative for Covid-19, according to documents the agency shared with Bloomberg News.Four of those complaints are still under investigation, and only one has been fully closed, according to the documents. The agency doesn’t comment until a case closes or is escalated. It said it often only has to call a company named in a complaint “to get a business to change course.”In New Mexico, where Intel has another manufacturing site in Rio Rancho, the Occupational Health & Safety Bureau said it received two complaints that resulted in imminent danger notices being posted in the plant’s cafeteria, which was then shut down. Both investigations were closed after Intel took “satisfactory corrective action,” the agency said in documents seen by Bloomberg.Semiconductor production lines are some of the cleanest places on the planet to prevent dust particles getting into chipmaking machines. But workers who maintain the equipment and monitor production still have to move through other parts of the plant to reach these clean rooms. There are gowning areas, for instance, where staff put on hazmat-style suits to ensure they don’t contaminate the manufacturing process.Before Covid-19 began to spread, Intel was under pressure to ramp up production. It has struggled to switch to a new way of making smaller, more efficient chips, and spent most of last year unable to increase output enough to meet all orders from customers. Dell Inc. and Apple Inc. publicly complained about this. Semiconductor factories are run as close to flat out as possible because the expensive machinery becomes obsolete in as little as five years.After the virus hit the U.S., managers at the Chandler facility, known as Fab 42, prioritized output over worker safety, according to employees and internal company messages seen by Bloomberg News.In early April, on internal message boards Intel uses for employee feedback, workers asked why CDC guidelines on maintaining distances of 6 feet and wearing masks weren’t being enforced, even though there were people at Fab 42 testing positive for Covid-19. Managers said staff should stay home if they’re ill and noted that Intel would be more flexible about how time off accrues against employees’ “Personal Absence” allowance.On the message board, one employee asked about the company providing masks and implementing testing. A company representative said they were “not aware of any policy prohibiting use of personal masks.”“Here is what it looks like from the maintenance tech point of view,” another worker wrote on April 2. “Intel don’t give two craps about us as long as we keep product moving.”When one Fab 42 worker asked why Intel wasn’t slowing production, factory manager Jim Evers replied that the company’s products are essential for medical devices, and working and studying online from home. “What we do makes a big difference,” he wrote in the internal posting, a copy of which was seen by Bloomberg News. “And how we will do it is the safest way we know how to take care of everybody on this campus.”Evers reacted differently to a worker request for hazard pay, according to the copy of the internal communications.“The way the question is worded just doesn’t align to the way we think,” he wrote. “We do incentives like OT if we need more hours or gift cards at the holidays if we need more people. We are not interested in doing hazard pay because we are wired to remove the hazard. All efforts over the last two weeks was to make this place a SAFE place to be.” Evers declined to comment through an Intel representative.In Oregon, Intel workers expressed similar concerns in filings with the state’s Occupational Safety and Health division.“The equipment is close together which makes it very difficult to stay apart. People are not trying and distancing is not being enforced,” one worker told the agency. “People regularly gather around a computer or talk at a close distance. It’s hard to hear with all the machine noise so it’s difficult to have a conversation from 6 feet away.”In another complaint filed on March 28, a worker said Intel “has told employees they are allowed to break the 6 foot rule for social distance as long as it is no longer than 30 minutes.” Two other filings also mentioned that managers or the company told staff they could be closer than six feet apart for as long as 30 minutes, according to the Oregon agency documents.One worker at Intel’s Chandler facility also brought up this issue on the internal message board, citing a company email saying “As a reminder, close contact is defined by Intel as being within six feet or two meters for 30 minutes or more.” That guidance remains in place, based on advice from health authorities, Intel said.The company has staggered work shift changeover times, and reconfigured rooms to make sure employees can stay away from each other, according to Ortiz, the Intel VP and general manager. She also said Intel has instituted patrols by “red shirts,” employees who police social-distancing rule compliance.Intel’s response to the pandemic evolved rapidly and the complaints were addressed in a way that satisfied state workplace safety representatives who visited Intel plants in Oregon and Arizona, she also said. Intel initially didn’t provide masks to employees because of limited availability and the need to prioritize supply for medical professionals. Masks have been available at all locations since the first week of April, according to Ortiz.Intel doesn’t test for the virus because it can’t get test kits, she said. When an employee tests positive by other means, the company does contact tracing and notifies those who were exposed, rather than making general announcements, to preserve medical privacy. Those affected are advised to seek tests and quarantine themselves, Ortiz said. She declined to disclose the number of employees who have been infected.During the company’s quarterly earnings announcement on April 23, Chief Executive Officer Bob Swan and Chief Financial Officer George Davis thanked workers and said they were proud that the company kept production rolling during the lockdown. They also touted Intel’s safety protocols, and Swan announced $100 million in funds to help workers while shelter-in-place orders are in effect. Part of that money is being paid as a reward for employees who keep coming to work.“Our world-class safety standards have allowed our factories to continue to operate safely on a relatively normal basis,” Swan said on a conference call with analysts. “We only allow employees in our factories who are essential to the factories’ operations. By design, our clean rooms in factories are among the cleanest places in the world.”In the first quarter, Intel said it filled 90% of orders on time.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
Micron strikes a bullish tone on the pace of economic recovery in China following the worst of the coronavirus.
(Bloomberg Opinion) -- Harvard economist Melissa Dell recently won the 2020 John Bates Clark medal, which is given to outstanding economists younger than 40. Dell’s most famous research concerns the importance of institutions in a country's long-term political and economic development. It carries a dire warning for the U.S. as well as other nations.What is an institution? To most people it means well-established organizations, such as big businesses or the civil service. Economists use the word more generally to mean the rules of the game that govern human society. These can be official rules such as laws, electoral systems and property rights, or informal ones such as social customs, corruption or selective enforcement of laws. That’s an incredibly broad definition. But the key idea is that institutions of both the formal and informal kind last for a long time and govern human behavior in ways that can’t easily be explained by rational individual action.For many years, economists such as Daron Acemoglu and James A. Robinson have advanced the theory that differences in institutions cause big differences in national long-term growth and prosperity. According to Acemoglu and Robinson, places with a tradition of inclusion -- democracy, property rights, free labor and so on -- become richer in the long run, while places that abuse workers and citizens to extract maximum short-term value from them become poorer.It’s a sweeping and interesting theory of the wealth and poverty of nations, but it’s very hard to prove with historical evidence. That’s where Dell’s research comes in. In a 2010 paper, she analyzed the long-run impact of a forced labor system called mita that was used in Peru and Bolivia from the 1500s through the 1800s. Today, regions that had the mita system are poorer and less connected to road networks.The implication is that the extractive culture created by forced labor systems led to reduced public investment over time. Some of Dell's other papers have found similar long-term results of labor exploitation in Indonesia, Mexico and elsewhere. Though no argument in economic history will ever be a slam dunk -- the past is too complicated and poorly measured to ever offer definitive answers -- it’s telling that the institutional theory of development keeps finding empirical support.This has important implications for the U.S. The U.S. is a big and diverse country, with many different examples of both good and bad institutions. Slavery, for example, was probably the most extractive institution ever devised. Sharecropping -- a form of tenant farming -- was only marginally less exploitative. In industrial regions, violent attacks on labor unions were common in the late 19th and early 20th centuries. Exploitation of immigrant farm labor in the Southwest was also common.These systems, designed to extract the maximum possible value from laborers, continue to haunt the political economy of the U.S. They probably contribute to a general unwillingness on the political right to implement education and infrastructure programs that benefit racial minorities and low-income workers, leaving certain groups and regions poorer than they could be.The current pandemic and economic crisis have put those negative impulses on full display. Governor Kim Reynolds of Iowa, for example has stated that workers who refuse to work after business reopenings -- even if the coronavirus has not been suppressed and continues to rampage through workplaces -- will be ineligible for unemployment benefits. A desire to stop paying benefits appears to be a big part of the motivation behind other states like Georgia that want to defy federal advice and reopen early.Forcing people back to work will spread the coronavirus and lead to increased deaths. It’s also unlikely to save state economies because the lack of customers is being driven much more by fear of getting sick than by shelter-in-place orders. Chances are high that the workers who get forced back to work will soon find themselves jobless again, and the economy will suffer more long-term damage from both the virus and the start-and-stop nature of business closures. It will be one more example of the harm that can result from a long-standing disdain for workers and the poor.Fortunately, the U.S. has other, more inclusive institutional traditions that it can draw upon. The free labor system that prevailed in the North before the Civil War, and the strong labor protections implemented in the New Deal, can serve as examples for how to rebuild a society that’s effective from top to bottom. In the decades to come, the U.S. needs to burnish its most inclusive institutions -- rebuild its unions, make voting rights universal and crack down on various ways that employers exploit their workers. Besides benefiting beleaguered American workers and voters in the short term, this inclusive approach will allow the U.S. to remain in the top rank of developed nations in the coming decades. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Noah Smith is a Bloomberg Opinion columnist. He was an assistant professor of finance at Stony Brook University, and he blogs at Noahpinion.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Dell Technologies (NYSE: DELL) announces a fireside chat hosted by Rod Hall from Goldman Sachs on Tuesday, May 5, 2020 at 1:00 p.m. CT / 2:00 p.m. ET. Jeff Boudreau, president, Infrastructure Solutions Group and Travis Vigil, senior vice president, product management, storage & data protection, will provide an update on the storage product portfolio and take questions. Please note Dell Technologies will not be providing any financial updates during the call.
New York, April 29, 2020 -- Moody's Investors Service (Moody's) has assigned definitive ratings to the notes issued by Dell Equipment Finance Trust 2020-1 (DEFT 2020-1). This is the first transaction of the year for Dell Financial Services L.L.C. (DFS), a wholly owned subsidiary of Dell Inc. (Ba1 LTR, stable).
Right now, Dell Technologies Inc. (NYSE: DELL) share price is at $41.02, after a 1.16% decrease. Over the past month, the stock spiked by 5.59%, but over the past year, it actually decreased by 36.89%. With questionable short-term performance like this, and great long-term performance, long-term shareholders might want to start looking into the company's price-to-earnings ratio.The stock is currently trading above from its 52 week low by 60.80%. Assuming that all other factors are held constant, this could present itself as an opportunity for investors trying to diversify their portfolio with Computer Hardware stocks, and capitalize on the lower share price observed over the year.The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E indicates that shareholders do not expect the stock to perform better in the future, and that the company is probably undervalued. It shows that shareholders are less than willing to pay a high share price, because they do not expect the company to exhibit growth, in terms of future earnings.Depending on the particular phase of a business cycle, some industries will perform better than others.Compared to the aggregate P/E ratio of the 9.21 in the computer hardware industry, Dell has a lower P/E ratio of 6.88. Shareholders might be inclined to think that they might perform worse than its industry peers. It's also possible that the stock is undervalued.There are many limitations to P/E ratio. It is sometimes difficult to determine the nature of the earnings makeup of a company. Shareholders might not get what they're looking for, from trailing earnings.See more from Benzinga * Stocks That Hit 52-Week Lows On Monday * Price Over Earnings Overview: Ross Stores * Stocks That Hit 52-Week Highs On Monday(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
New York, April 16, 2020 -- Moody's Investors Service (Moody's) has assigned provisional ratings to the notes to be issued by Dell Equipment Finance Trust 2020-1 (DEFT 2020-1). This is the first transaction of the year for Dell Financial Services L.L.C. (DFS), a wholly owned subsidiary of Dell Inc. (Ba1 LTR, stable). The provisional ratings, the cumulative net loss expectation and the loss at a Aaa stress are based on the credit quality of the underlying equipment contracts pool to be securitized and its expected performance, the historical performance of DFS' prior securitizations and its managed portfolio of similar collateral, DFS' track record, experience and expertise of as originator and servicer, the strength of the transaction structure including the sequential pay structure and amount of credit enhancement supporting the notes, and the legal aspects of the transaction.