Dell CEO Buys $100 Million of Stock

Updated from Monday, Sept. 8

SAN FRANCISCO -- Dell(DELL Quote) founder and CEO Michael Dell snapped up $100 million of his firm's common stock last week.

According to a regulatory filing released after Monday's close of market, Dell purchased 3.5 million shares of common stock at $20.42 last Thursday and an additional 1.37 million at $20.67 a day later.

Shares of Dell are down roughly 19% since the company reported its second-quarter earnings, badly missing Wall Street's profit estimates two weeks ago.

The disappointing financial results raised concerns that Michael Dell's plan to revive the PC maker's fortunes have hit a wall. Dell returned as CEO in January 2007, after the company fell on hard times and lost its spot as the world's No. 1 PC maker to rival Hewlett-Packard(HPQ Quote).

As of July, Michael Dell had a 12.4% stake in Dell, making him the largest individual or institutional shareholder.

Dell's stock was up 2% or 41 cents at $20.58 in extended trading Monday.

Meanwhile, PC maker Lenovo Group said Tuesday it has no plans to buy computer factories from rival Dell(DELL Quote), according to a media report.

Lenovo has enough capacity, said CEO William Amelio, Reuters reported Tuesday.

The Wall Street Journal reported last week that Dell is trying to sell its computer factories in a bid to remain competitive.