Dell shares dip, after peculiar 8.5 percent rise
Computer maker's shares run counter to broader markets for a second day running, after a peculiar 8.5 percent rise the previous day.
Updated at 7:45 a.m. PST with new stock prices and information on Dell's two largest investors.
Dell's stock acted like a bit of a contrarian against the broader markets for a second day Wednesday, after a peculiar rise of 8.5 percent the previous day on no news.
Dell closed at $9.15 a share on Tuesday, up 72 cents from the previous day, while the broader markets posted losses. Dell's share performance was rather peculiar, given that the company had issued no significant financial news and that the rumor mill was relatively quiet.
Investors, at most, could have been responding to Dell's chief financial officer, who, as noted in the Austin American Stateman, expected to increase the company's level of manufacturing outsourcing.
But in early morning trading Wednesday, Dell gave up some of those gains, falling 3.9 percent to $8.79 a share, while the broader markets advanced. The Dow rose 0.83 percent to 6,781.61, and the Nasdaq was up 1.46 percent to 1,340.32.
Last month, the company's two largest investors, CEO Michael Dell and Southeastern Asset Management, increased their stakes in the company, as Dell's shares fell to 52-week lows.
The company's founder upped his stake to 12 percent in mid-February, from his previous position of 11.2 percent. Southeastern Asset Management, meanwhile, increased its stake to 7.5 percent in early February, up from 5.3 percent.