When your top rival lowers its full-year outlook, investors take notice if you subsequently raise your own. That's what's happening for computing company Dell Technologies (NYSE: DELL) today. Its financial results for its fiscal second quarter of 2024 far outpaced expectations, which led management to raise its guidance for the remainder of fiscal 2024. Consequently, Dell stock is up a whopping 23% as of 10:30 a.m. ET, reaching new all-time highs.

Rival set the tone for this earnings report: HP stock fell earlier this week when it reported disappointing numbers for its fiscal third quarter of 2023 and lowered its full-year guidance.

To be fair, Dell's Q2 revenue of $22.9 billion was down 13% year over year, more than HP's 10% drop in its Q3. But investors believe Dell's business has better momentum right now.

Continue reading

Source Fool.com