Dell Dashes Momentum

"This model makes for relatively straightforward accounting and less reliance on management estimates than competitors build-to-forecast, channel fulfillment models," wrote Gardner. "Moreover, we have not seen the significant divergence between earnings and cash flow that often signals a company's attempt to boost reported earnings in the face of an underlying deterioration in fundamentals."

Gardner, who rates Dell buy, said he did not believe the delay reflects a shortfall in Dell's third-quarter results, and reiterated his estimate that Dell will beat Wall Street EPS estimates by a couple of cents.

An officer at Citigroup is a director at Dell; Citigroup makes a market in Dell shares and has provided Dell with investment and non-investment banking services in the past 12 months.

But with Dell's decision Wednesday to eventually release its third-quarter results only as a press release, without the customary conference call, as well as the continuing postponement of its annual analyst day briefing, it's getting harder and harder to figure out what's ailing Dell and how to ascertain a prognosis.