Investors are generally happy to pay up for growth - whether they realize it or not. When growth is not acheivable, companies would be well-advised to focus on margins rather than stretching for top line.
It looks like that's what Dell did. Dell reported a pretty good quarter last night. It's not really a growth company right now or any more for that matter but that's OK.
By the way. HP and Dell were two of the better reporting performances of late. Neither has a balance sheet problem. Buy tech? That is not a recommendation. Just because there are certain stocks that arguably don't need to go down anymore, it doesn't mean that there is any reason that they will go up. While I am not taking the day off today, I'm going to avoid looking at screens if I can.