Dell announced their earnings after the close and beat on the top and bottom lines:
- EPS $1.89 versus $1.71 expected
- Revenues $25.03 billion versus $24.14 billion expected
Dell shares closed at $110.74 and are trading higher by $7.10 or 6.41% at $117.85.
Dell shares traded as high as $114.44 intraday and as low as $108.10. At session lows, the price tested its key 200-day moving average at $108.02 and found willing buyers (it closed at $110.74)
With the price now trading near $118, the price is moving away from that 200 day moving average. On the top side, the 100 day moving average comes in at $127.51.
Going back to July 17, the price gapped below that 100 day moving average (blue line in the chart below) and stayed below that moving average. Getting back above the moving average is still needed to increase the bullish bias going forward.
In other earnings after the close:
Ulta Beauty Inc (ULTA) Q2 2024:
- EPS: $5.30 vs. $5.47 (expected) - MISSED
- Revenue: $2.6 billion vs. $2.61 billion (expected) - MISSED
Lululemon Athletica Inc (LULU) Q2 2024:
- EPS: $3.15 vs. $2.93 (expected) - BEAT
- Revenue: $2.37 billion vs. $2.41 billion (expected) - MISSED
Marvell Technology Inc (MRVL) Q2 2024:
- Adj. EPS: $0.30 vs. $0.29 (expected) - BEAT
- Revenue: $1.272 billion vs. $1.25 billion (expected) - BEAT
Autodesk Inc (ADSK) Q2 2024:
- EPS: $2.15 vs. $2.00 (expected) - BEAT
- Revenue: $1.50 billion vs. $1.48 billion (expected) - BEAT
More from Dell: It expects solid topline growth in H2 of the year. It is applying AI and beginning to realize benefits across its own a business.
So the business that provides the computers for AI, are using AI to benefit it's business in the process.
Shares of Dell are now trading at $119.10 up $8.36 or 2.55%.
