We'll build and sell the products, and the stock market will take care of itself. That was the implicit message from Dell Computer CEO Michael Dell on Monday as he delivered a noontime keynote address at the Comdex/Fall 2000 trade show in Las Vegas.

Dell made almost no mention of his company's flagging stock performance, other than to note that both he and his friend, Republican presidential candidate and Texas Gov. George W. Bush, "could both use another 25 points right about now." Florida's 25 electoral college votes would make Bush president, but adding $25 to Dell's stock price would still leave it below its 52-week high of $59.68. In trading today, Dell shares closed at $24.12. Nonetheless, Dell kept his focus on the company's products and strategy. Even in those areas, however, he did not make any significant announcements. Dell said server and storage products "are the areas we're most concerned about" because they represent the most growth.

He also insisted that talk of a so-called post-PC era is overblown. In a whimsical video played during his address, Dell's mother interviewed subjects presented as everyday computer users. They would never give up their PCs, they said, though most would like them to have a wireless connection to the Internet. On stage, Dell presented a vintage 12-MHz desktop and reminded the audience of how analysts thought its computing power was excessive for most users at the time of its debut.

After all was said and done, however, Dell gave no indication of how he would restore the type of robust growth that the company's investors have come to expect. In response to a question about what he's doing to reassure shareholders, Dell noted that the company's earnings per share increased 39% in its most recent quarter. However, he also conceded that "the business is not growing the way it was when we were 10 times smaller." Dell Computer's share price dropped sharply last week on concern about revenue growth next year.