Although the consumer business has slowed, revenues attribuable to corporate customers, including notebooks, servers, storage, peripherals and services, enjoyed gains. Dell's overseas business, which is heavily weighted to corporate and government customers, grew sales at double-digit rates. Given the long-term prospects for Dell's growth, the company's low-cost advantage due to its direct sales model, managment's stock ownership and operating record, the tremendous level of share buybacks, and the extreme undervaluation of the stock's price, we have added to the stock at these lower levels to overweight the position.
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