Dell shares dive, PC margin fears drag HP lower |
| WXEL - May 23, 2012 |
Shares of Dell Inc plunged 18 percent Wednesday, on track for their biggest single-day loss in more than a decade, after a disappointing revenue forecast spurred fears that global tech spending is weakening faster than anticipated.
Lenovo <0992.HK>, which reported results overnight that benefited from its dominance in the still rapidly expanding Chinese market, fueled concerns after warning that it too saw a slowdown in U.S. and European corporate spending on PCs.
Shares in global leader Hewlett Packard slid 4.5 percent at midday, just hours before it is expected to announce quarterly results and outline sweeping layoffs of more than 8 percent of its global staff.
The accelerating popularity of mobile computing devices such as Apple Inc's iPad has been eroding PC sales for years. To combat the erosion in sales to consumers, as well as dwindling margins as companies compete on price, Dell and HP have been gradually focusing more on sales to large enterprises.
Read Full Article from WXEL
- Posted: 2012-05-23 14:27:34
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