A funny thing happened on the way to the tech collapse. It didn’t happen. The market may not have liked Intel’s (INTC) results, but for a company its size, it still posted impressive growth.
The Oracle (ORCL) purchase of BEA Systems (BEAS) is notable for the premium which was paid. If Oracle is still considered the "smart money" in tech, it is sending a signal that enterprise business is still growing.
Data released yesterday by IDC showed very strong growth for PC sales across the world in Q4 and remarkable good figures in the US. Dell (DELL) would appear to be on the mend. According to Reuters "Dell shipped 17.1 percent more PCs in the quarter than in the year-earlier period, for a total of 11.3 million units and 14.6 percent of the global PC market." In other words, the market is good enough for the weak to get a bit stronger.
Perhaps the best bell-weather of tech spending were results from huge enterprise software company SAP (SAP). When the company released results yesterday it said "Growth was broad-based across every major region, which means we are not on the edge of a global recession,"
If tech spending is strong, overall capital outlays at companies may not be contracting. That news would be a contrast to recent concerns that corporate spending may be weak.
The funeral for tech is notable for the fact that the body did not show up.
Douglas A. McIntyre
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