Michael Dell Steps Up to the Mic

SAN FRANCISCO -- Dell(DELL Quote) investors will be all ears Thursday.

The PC maker's quarterly earnings report will mark the end of its silence, as Dell hosts its first conference call in more than a year.

More importantly, investors will have the first real chance to hear founder Michael Dell outline his comeback plan.

Dell returned to the CEO post in January, but because of an internal accounting investigation, he has yet to do the customary Q&A with financial analysts.

With the internal review now completed (Dell restated several years of reports that lowered revenue by $359 million. Investigations by the Securities and Exchange Commission and the Department of Justice continue), Dell executives will be able to provide a much-needed update on their overall strategy.

The stock's mixed traits reflect faith in Michael Dell's touch as well as uncertainty regarding the company's prospects among a formidable field of rivals.

Trading at 16.5 times forward earnings, Dell commands a higher multiple than the seemingly infallible Hewlett-Packard(HPQ Quote), which has a price-to-earnings ratio of 15.

On the other hand, Dell shares have lost twice as much ground as the Nasdaq Composite since July. And short interest in Dell has risen 42% since mid-August, according to American Technology Research analyst Shaw Wu.

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