TMTB Bogeys for tonight (DELL, WDAY, CRWD)

DELL (9% implied move vs 7.8% average)

Short-term Positioning: 7 out of 10
Long-term Positioning: 6 out of 10
YTD %: +87%
1M %: +20%

DELL sentiment has trended up over the last several months after putting up a good q and checks/hopes they might gain server share at the expense of SMCI’s troubles. Stock sits about 20% below its Highs in May, a respectable comeback after drawing down 50% at one point. Checks on AI servers have generally been positive (TSLA pull-ins, xAI 2x’ing its Colossus cluster, woes at SMCI) and investors expecting backlog to come in somewhere in the low $4B range. The focus will continue to remain on ISG margins where investors will want to at least see a 12% handle on Q3 and hope for some commentary that 2025 exit rate can get to the high end of the 11-14% range. PC market has generally been weak so no high expectations on that side.

Bogeys: