Dell buys $100 million of Dell

Sep 08, 2008

By Scott Moritz

At least Michael Dell sees value in Dell (dell). The company founder and CEO spent $100 million late last week to acquire 4.7 million shares, according to a Federal filing Monday.

The stock rose 3% in after-hours trading Monday on news of the big insider purchase, as investors saw the move as a bold statement of confidence in the PC maker's prospects amid a widespread tech slowdown.

Shares of Dell had dropped 21% since the company missed Wall Street analysts' profit estimates on August 28. The downturn has tech shops like Texas Instruments (txn) and Corning (glw) trading at multi-year lows.

CEO Dell now owns 255.5 million shares or about 13% of the company's stock.

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