What's Going On With Dell Technologies Stock Thursday?
Portfolio Pulse from Adam Eckert
Dell Technologies Inc (NYSE:DELL) shares are trading lower on Thursday, pulling back from recent gains driven by strong demand for AI servers and PCs. The stock has surged over 120% year-to-date, bolstered by positive analyst updates and price target revisions. However, broader tech sector weakness, influenced by Salesforce's revenue miss, is impacting Dell. Dell is set to release its fiscal first-quarter financial results, with high expectations for earnings and revenue.
May 30, 2024 | 6:24 pm
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Dell Technologies shares are down 4.41% on Thursday, pulling back from a strong year-to-date performance driven by demand for AI servers and PCs. The stock has been buoyed by positive analyst updates and price target revisions, but broader tech sector weakness and high expectations ahead of Q1 earnings are causing a dip.
Dell's stock has seen significant gains this year, but the current dip is influenced by broader tech sector pressures and high expectations for upcoming earnings. The recent positive analyst updates and price target revisions have set a high bar, making the stock susceptible to pullbacks.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Dell's recent introduction of AI-powered PCs features Microsoft's Copilot+, which has contributed to Dell's strong performance. However, the broader tech sector, including Microsoft, is under pressure due to Salesforce's revenue miss.
While Microsoft's technology is a component of Dell's new AI-powered PCs, the immediate impact on Microsoft's stock is less direct. The broader tech sector weakness, influenced by Salesforce, affects Microsoft but not as significantly as Dell.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 30