(By Salman - iStockAnalyst Writer)

Late on Thursday, pc maker Dell Inc. (NASDAQ: DELL) announced that its fiscal fourth-quarter net income tumbled to $351 million, or 18 cents a share from $679 million, or 31 cents a share, in the prior year quarter. Revenue slipped to $13.4 billion from $16 billion. On an adjusted basis, the company earned 29 cents a share. Analysts on average were looking for earnings of 26 cents a share on revenue of $14.1 billion. Chairman and CEO Michael S. Dell stated "Customers know they need information technology, and we think we're best able to help them use IT to improve productivity. But a lot of IT spending is being deferred until there's better economic visibility. We're being very disciplined in managing costs, generating profitability and cash flow, and investing in ways that separate Dell from others today and when the economy inevitably improves" Shares of the company were up 2.31% in extended trading.

Fannie Mae (NYSE: FNM) reported a wider fourth-quarter net loss of $25.23 billion, or $4.47 a share compared to a loss of $3.6 billion, or $3.80 a share, in the fourth quarter of 2007. Quarterly revenue totaled $5.64 billion. "We expect the market conditions that contributed to our net loss for each quarter of 2008 to continue and possibly worsen in 2009, which is likely to cause further reductions in our net worth," said Fannie Mae in a statement.

Gap Inc. (NYSE: GPS) said that its fourth quarter net income fell 12% to $234 million, or 34 cents a share from $265 million, or 35 cents a share, in the corresponding quarter last year. Revenue dropped to $4.1 billion from $4.7 billion. Analysts on average had projected earnings of 32 cents a share on revenue of $4 billion. Chairman and CEO Glenn Murphy said "Our ability to drive healthy margins and achieve significant cost savings helped us deliver earnings growth of 16 percent over the course of a very challenging year. With nearly $2 billion in cash on hand and virtually no debt, we have a strong foundation that will allow our globally recognized brands to compete effectively this year as we navigate the current environment." Gap fell 2.47% in late trading.

InterMune Inc. (NASDAQ: ITMN) posted a wider fourth quarter net loss of $32.34 million, or 83 cents a share compared to a loss of $25.9 million, or 67 cents a share, in the same period in 2007. Revenue decreased to $7.4 million from $9.63 million. Consensus estimates were for a loss of 72 cents a share on revenue of $7.62 million for the quarter.

Novell Inc. (NASDAQ: NOVL) reported that its first-quarter net income fell to $10.7 million, or 3 cents a share, from $16.8 million, or 5 cents a share, in the year ago quarter. On an adjusted basis, the company earned 7 cents a share. Revenue declined to $214.9 million from $230.9 million. Analysts on average had forecast earnings of 6 cents a share on revenue of $227.4 million.