Computer hardware stocks are moving notably lower during trading on Thursday, with computer maker Dell Inc.'s (DELL) yearly guidance unsatisfactory to traders even as it came in-line with Wall Street estimates.
The weakness in the hardware sector is reflected by the 2.4 percent loss currently being shown by the NYSE Arca Computer Hardware Index. With the decline, the index is headed back towards late May's nearly four-month closing low.
Dell is one of the worst performers in the sector, posting a loss of 5 percent and slipping back towards the eleven-month closing low set earlier this month.
The loss by Dell comes after the company said it expects revenue for fiscal 2011 to grow in a range between 14 percent and 19 percent compared to fiscal 2010, while it said operating income is expected to rise between 18 percent and 23 percent. Wall Street analysts forecast Dell's revenue grow by 16.3 percent for fiscal 2011.
Western Digital Corp. (WDC) is one of the sector's other notable laggards, falling by 5.3 percent. With the loss, the stock is on pace for a ten-month closing low.
Lexmark International Inc. (LXK), Hewlett-Packard Co. (HPQ), NetApp, Inc. (NTAP) and IBM Corp. (IBM) are also under pressure, further contributing to the slide by the computer hardware index.
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