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Dell shares hit by weak outlook
Shares of Dell plunged 17 per cent yesterday after a disappointing revenue forecast spurred fears that global tech spending is weakening faster than anticipated and raised doubts about the PC maker’s strategy. The stock plunge erased more than $4bn from the company’s market cap. Dell shares closed 17.2 per cent lower at $12.49 on the Nasdaq. Earlier in the day, it forecast revenue of $14.7bn to $15bn in the current quarter, well short of analysts’ average forecast of $15.4bn.