Dell (DELL) - Get Report was down 3.6% in preopen Island trading. After the close Thursday, the PC company posted first-quarter earnings of 17 cents per share, in line with the Thomson Financial/First Call estimate and flat with a year ago.

The company said it expects sales to fall 3% to 5% this quarter from the first quarter, translating to a range of $7.6 billion to $7.76 billion, or as much as $450 million below current expectations. As a result, Dell said its earnings would be 15 to 17 cents a share. Analysts were expecting 18 cents.