However, Dell recently initiated its first cash dividend, of 8 cents a share, for an indicated yield of 3.2%. The company has also been buying back stock actively.

In fact, shares outstanding have been reduced by more than 27% since 2006, and 12% in the past year alone. Still, the markets remain skeptical, as doubts have arisen about the future of the PC and the company itself.

Could Dell's confidence, expressed via its dividend, be misplaced? Are the PC and Dell facing extinction? The stock certainly appears to be priced that way. We'll see.

Frankly, I like it when everyone is writing off a particular company or industry. It sometimes provides opportunity. Sometimes there's an overreaction. Look no further than Gannett ( GCI), associated with the dying newspaper industry.

At the time of publication, Heller was long GCI.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

Follow @JonMHellerCFA
Jonathan Heller, CFA, is president of KEJ Financial Advisors, his fee-only financial planning company. Jon spent 17 years at Bloomberg Financial Markets in various roles, from 1989 until 2005. He ran Bloomberg's Equity Fundamental Research Department from 1994 until 1998, when he assumed responsibility for Bloomberg's Equity Data Research Department. In 2001, he joined Bloomberg's Publishing group as senior markets editor and writer for Bloomberg Personal Finance Magazine, and an associate editor and contributor for Bloomberg Markets Magazine. In 2005, he joined SEI Investments as director of investment communications within SEI's Investment Management Unit.

Jon is also the founder of the Cheap Stocks Web site, a site dedicated to deep-value investing. He has an undergraduate degree from Grove City College and an MBA from Rider University, where he has also served on the adjunct faculty; he is also a CFA charter holder.

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