You can set your clock by it. Every three months, Dell (NASDAQ:DELL) updates the world on its business and financial affairs. What's strange is how little it seems to matter whether the computer market is humming along or falling apart at the seams. Dell is going to deliver another healthy quarter.

Last night, the company posted a 24% spurt in second-quarter profits on $9.8 billion in sales. Think the desktop is dead? Dell shows a 25% surge in shipments. Think servers are bad business because the dot-com boom went bust and companies are scaling back their information technology spending? Dell's server side managed a 27% jump in unit sales.

It's interesting to watch Dell stick to its knitting and grow in related areas like servers and printers. Most of its rivals treated personal computing like some cootie-riddled disaster and moved on to new ventures.

Hewlett-Packard (NYSE:HPQ), Dell's closest competitor these days in what has become essentially a two-horse race, is making a run for IBM's (NYSE:IBM) stronghold in information technology products and services. Gateway (NYSE:GTW) is into plasma television sets. Apple (NASDAQ:AAPL) is selling digital music players and downloads. Not Dell.

Dell never suffered as badly as its peers, so it never really had a reason to move on. When it's feeding at a trough this well -- on its way to just over $3 billion in free cash flow this year -- why eat out? The company is looking to earn $0.26 a share in the third quarter on $10.5 billion in sales.

Yes, you can tap that snooze bar again. Odds are that Dell will wake you in three months with more of the same.

While Dell's numbers have been stable over the past few quarters, can the same be said for the stock? Is Dell overvalued here in the $30s? Where would you expand next if you were Michael Dell? All this and more -- in the Dell Computer discussion board . Only on