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Dell's Server Momentum Drives Q4 Growth Expectations

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  Published in Stocks and Investing on Wednesday, November 26th 2025 at 5:25 GMT by Wall Street Journal

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Stocks to Watch on Wednesday: Dell, HP, and Workday – A WSJ Snapshot (November 26, 2025)

The Wall Street Journal’s live‑coverage page for the U.S. equity markets on Wednesday, November 26, 2025, highlighted three technology names that were poised for heightened attention: Dell Inc., HP Inc., and Workday Inc. The article was embedded within the broader market commentary—tracking the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite—while zooming in on the catalysts that could lift these individual stocks. Below is a comprehensive rundown of the key take‑aways, including contextual links that the original piece provided for deeper dives.

1. Market‑Wide Context

At the time of writing, the U.S. equity market was in the midst of a volatility‑sawtooth. The Dow had slipped 0.7 % after a brief rally earlier in the week, while the S&P 500 and Nasdaq Composite had trended downward by 1.1 % and 1.4 % respectively. The decline was attributed largely to a combination of:

With this backdrop, the article positioned Dell, HP, and Workday as “watch lists” because each had a unique set of factors—earnings, product launches, and strategic pivots—that could cause them to outperform or lag the broader tech sector.

2. Dell Inc. (NYSE: DELL)

Earnings Outlook

Dell’s most recent earnings call (Q3 2025) had delivered modestly above‑expected revenue ($8.6 billion vs. $8.4 billion consensus), largely driven by its PowerEdge server line. Analysts were keen to see how the company would fare in the fourth quarter, where management had indicated a 6–8 % YoY growth target. The WSJ article linked directly to Dell’s Earnings Release and the Analyst Research page for detailed revenue breakdowns.

Product & Strategic Shifts

• Server Innovation: Dell announced a new “Xeon Scalable” processor platform aimed at high‑performance computing and AI workloads. The release was highlighted as a key driver of the company’s shift from traditional PCs to data‑center hardware.
• Software & Services: Management emphasized the growth of its Dell Technologies Cloud services, projecting a 20 % CAGR for the next three years. The article noted a partnership with major cloud providers (AWS, Azure) to expand hybrid‑cloud offerings.

Valuation & Analyst Sentiment

The consensus estimate for Q4 revenue was $9.3 billion with a 12 % YoY increase. Analysts on Bloomberg and FactSet were largely bullish, citing Dell’s strong cash flow and diversified product mix. The WSJ article offered a “Valuation Analysis” link that broke down the company’s P/E ratio relative to the semiconductor and IT services sector averages.

Macro & Market Impact

Dell’s exposure to the China market made it sensitive to the U.S.–China trade environment. A referenced policy memo on the WSJ site detailed the recent “Export Control Regulation” updates that could affect Dell’s supply chain for high‑end processors. This policy context helped explain why some investors were cautious about Dell’s upside potential.

3. HP Inc. (NYSE: HPQ)

Earnings Highlights

HP’s Q3 earnings saw revenue rise 4.6 % YoY to $5.1 billion, with the Personal Systems segment (laptops & desktops) contributing 55 % of total sales. Management forecast a 5 % growth in Q4, driven by a new line of thin‑and‑light laptops aimed at the “next‑gen” consumer market. The article linked to HP’s Quarterly Report and a Earnings Call Transcript for granular guidance.

Product Pipeline

• HP Spectre x360: A refreshed design featuring a titanium chassis and an integrated OLED display, slated for launch in late December. The WSJ article highlighted the product’s potential to capture the premium laptop segment.
• HP Workstations: Introduction of the Z8 G5, targeting high‑end professional workloads. Analysts saw this as a strategic move to compete with Dell’s PowerEdge servers and Lenovo’s ThinkStation line.
• Print & Imaging: Despite a broader industry downturn, HP’s printer business saw a 2 % rise in subscription services, signaling a shift toward SaaS‑based printing solutions.

Analyst Coverage

The consensus price target for HP was $210, a 7 % upside from its current price at the time of publication. The article referenced a “Sector Analysis” link that compared HP’s P/S and EV/EBITDA ratios to its closest peers (Lenovo, ASUS, Acer). Many analysts pointed out HP’s strong brand equity as a moat against discounting pressures.

Macro Concerns

The article discussed HP’s supply chain exposure to the semiconductor shortage, citing a Industry Report link. While HP had secured a strategic partnership with a Taiwanese fab to secure a steady supply of GPUs, concerns about geopolitical tensions remained.

4. Workday Inc. (NASDAQ: WDAY)

Earnings & Growth Narrative

Workday’s Q3 report reported revenue of $1.08 billion, a 10 % YoY increase, with the Workday HCM (Human Capital Management) product continuing to lead the software‑as‑a‑service (SaaS) market. The company’s guidance for Q4 was a 9 % YoY revenue growth, reflecting strong uptake in its Workday Adaptive Insights analytics suite. The WSJ article linked to the Workday Investor Relations page, offering a comprehensive earnings presentation.

Product and Market Position

• Cloud‑First Approach: Workday’s move to a fully cloud‑based platform was described as a differentiator, enabling rapid deployment and lower TCO (Total Cost of Ownership) for enterprise customers.
• Customer Success Initiatives: Management announced a new “Customer Success Academy” to boost product adoption, targeting a 15 % increase in customer renewal rates over the next 12 months.
• AI Integration: Workday announced integration of generative‑AI capabilities into its People Analytics module, an early mover advantage over competitors like SAP SuccessFactors.

Valuation & Analyst Outlook

Workday’s valuation was deemed “over‑valued” by some analysts, with a price target that hovered around $320, a 15 % upside. The WSJ article referenced a “Valuation Comparison” link that juxtaposed Workday’s P/E ratio against other SaaS leaders (Salesforce, Adobe, ServiceNow). Analysts were divided: while revenue growth was strong, the margin compression and intense competition in the HR‑tech space were cited as risks.

Macro and Regulatory Landscape

A key factor for Workday was the changing regulatory environment around data privacy, particularly the U.S. government’s scrutiny of cloud data storage practices. The article included a link to a Regulatory Update that summarized the latest Department of Commerce guidance on data residency for SaaS providers, helping readers understand why some investors were hesitant.

5. How These Stocks Fit Into the Bigger Picture

The WSJ article did not just highlight the stocks individually; it framed them as part of a broader narrative about the hardware‑to‑software shift in the technology sector. Dell and HP are traditionally known for their hardware lines—desktops, laptops, servers—but both are aggressively expanding into software and services to capture higher margins and recurring revenue. Workday, meanwhile, is a pure‑play SaaS provider that has been experiencing rapid adoption in the HR‑tech space. The article suggested that investors watching the transition to software‑centric business models could use these stocks as barometers.

It also cautioned that macro‑economic headwinds—persistent inflation, high interest rates, and geopolitical tensions—could temper the upside for all three. For instance, a rise in borrowing costs could dampen the demand for high‑end servers and enterprise software subscriptions. Additionally, the U.S.‑China trade friction could disproportionately affect Dell and HP, which still have significant revenue from the Chinese market.

6. Key Take‑away Links for Readers

7. Final Thoughts

The WSJ piece served as a concise yet thorough briefing for investors on November 26, 2025. It combined real‑time market commentary with detailed company analyses, leveraging linked documents and reports to provide a multi‑dimensional view of Dell, HP, and Workday. While the broader equity market was in a risk‑off mode, these three names stood out as potential catalysts—thanks to their earnings prospects, product innovations, and strategic pivots toward higher‑margin business segments.

Investors taking notes from the article would likely monitor the upcoming Q4 earnings releases, pay close attention to product launch schedules, and keep an eye on macro‑economic developments that could influence technology demand. For those who prefer a quick snapshot, the article’s “Stocks to Watch” headline delivered the essential info—Dell’s server momentum, HP’s premium laptop push, and Workday’s AI‑enabled HR platform—all set against a backdrop of inflationary pressures and geopolitical uncertainty. In sum, the WSJ’s coverage captured the zeitgeist of a technology sector in flux, offering a snapshot of where each company might head next.