And Goldman beat the drum on Dell again today. Here's what they said:
What's changed Dell’s commentary suggests that the July quarter is tracking ahead of the Street’s 1.6% qtr/qtr revenue growth estimate, led by consumer and government. On the other hand, Dell is seeing some gross margin pressure (likely around 50 bp) as a result of higher component pricing and, to a lesser extent, customer mix. All together, the n-t outlook remains mixed, with around $200M of potential upside to our revenue estimate and $0.01-$0.02 downside potential in EPS for the July quarter. That said, DELL remains our top pick in the group because of the increasing leverage in its model. We would use any weakness related to near-term gross margin concerns to add to positions ahead of stronger Q4 seasonality and a corporate PC upgrade cycle we anticipate in 2010. Furthermore, we view concerns around CIT as a headline risk more than a fundamental risk and do not expect long-lasting impact on the sentiment in the stock.
(Does GS know what Geithner's plans are with CIT?)
Enquiring minds want to know. After all, Goldman is "fully hedged!"
M&A in steel is baloney. Most are running @ 48-50% utilization and the big players have debt with covenants. Why would anyone acquire? GS is as crooked as they come. #9 holder of AKS.
7 comments:
GS said in the conference call that M&A may be picking up.
FWIW
Regarding M&A, Viniar said, “If market stay stable for another few months you will see a big uptick in activity.”
So much for the Chinese wall! Goldman obviously is advising now on M&A deals
Hmmm. AKS report next week and GS prop desk needs some time to get out of their positions before the report ... like DELL
And Goldman beat the drum on Dell again today. Here's what they said:
What's changed
Dell’s commentary suggests that the July quarter is tracking ahead of the Street’s 1.6% qtr/qtr revenue
growth estimate, led by consumer and government. On the other hand, Dell is seeing some gross margin
pressure (likely around 50 bp) as a result of higher component pricing and, to a lesser extent, customer mix.
All together, the n-t outlook remains mixed, with around $200M of potential upside to our revenue estimate and $0.01-$0.02 downside potential in EPS for the July quarter. That said, DELL remains our top pick in the
group because of the increasing leverage in its model. We would use any weakness related to near-term gross margin concerns to add to positions ahead of stronger Q4 seasonality and a corporate PC upgrade cycle we anticipate in 2010. Furthermore, we view concerns around CIT as a headline risk more than a
fundamental risk and do not expect long-lasting impact on the sentiment in the stock.
(Does GS know what Geithner's plans are with CIT?)
Enquiring minds want to know. After all, Goldman is "fully hedged!"
M&A in steel is baloney. Most are running @ 48-50% utilization and the big players have debt with covenants. Why would anyone acquire? GS is as crooked as they come. #9 holder of AKS.
Dell going to $11. Back to school will be poor + pricing pressure
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