 Dell CEO buys $100m shares
(China Daily)
Updated: 2008-09-10 07:47 Dell Inc founder Michael Dell bought $100 million of shares last week after the stock plunged following disappointing earnings. Dell, the chairman and chief executive officer of the Round Rock, Texas-based company, paid $20.42 a share for 3.5 million shares on Sept 4, and $20.67 for 1.378 million on Sept 5, according to a filing on Monday with the Securities and Exchange Commission. Profit last quarter missed analysts' estimates as the world's second-largest personal-computer maker said the US slump in technology spending was expanding abroad. The company has sought to boost revenue by cutting prices and selling machines through 13,000 retail stores in 24 countries. Dell shares fell the most in almost eight years on Aug 29 after saying that "continued conservatism" from some US clients had spread to Europe and Asia. The stock has declined 18 percent this year. The Wall Street Journal reported last week that Dell was planning to sell its computer factories to help cut $3 billion in costs and revive profit margins weighted down by competition with rival Hewlett-Packard Co. Agencies (China Daily 09/10/2008 page17) |
