Consumer Electronics
As Lenovo Catches Cold, Dell (DELL) Gets Pneumonia
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Big Chinese PC company Lenovo said its earnings were falling apart and laid of 11% of its staff. At almost the same time, Dell (DELL) said it was "moving" 1,000 jobs from Ireland to Poland. Those being "moved" were probably fired.
Lenovo, a merger of a Chinese PC company and the IBM (IBM) small computer business, relies very heavily on corporate hardware spending. Most of that spending is on hold, especially for replacement items the purchase of which can be pushed off for a year or more.
Anyone who gambles and gambles to win, can expect thousands of more layoffs at Dell and a stock price which could fall another 30% to 40%. Its sales are almost certainly that bad.
Douglas A. McIntyre
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