Founder makes largest Dell insider purchase
Shares of Dell climb as high as 4.5 percent on Wednesday, as company founder Michael Dell makes the largest insider purchase ever for the computer maker.
Dell shares rose as high as 4.5 percent Wednesday, following reports that founder Michael Dell acquired nearly $100 million in shares in the computer maker.
Dell climbed as high as $23.18 a share in intraday trading, before closing out the session at $22.70 a share, up 2.34 percent.
Dell's founder, according to a report in MarketWatch, purchased 4.5 million shares between June 27 and July 1 at an average price of $22.14 a share.
Dell's buying spree comes after the company reported respectable first-quarter results, which came off a challenging 2007 when it was feeling the effects of missing out on some big industry trends.
During the first quarter, Dell told analysts, the company's unit shipments grew 22 percent, while the industry rose by 14 percent. And Dell's notebook revenue climbed 22 percent over the past year.
Michael Dell's stock purchase not only marked the largest he's ever made of the computer maker's shares, but also puts him at the top of conducting the largest purchase ever at the company by an insider, according to MarketWatch's report.