Dell (DELL) shares were lower by 3.51% to $13.46 following news private equity firm Blackstone (BX - Get Report) was ending its bid for the PC company, citing weaker trends in the PC space than initially thought. The firm is withdrawing its offer, which valued Dell shares at about $25 billion because of "an unprecedented 14 percent market decline in PC volume in the first quarter of 2013, its steepest drop in history, and inconsistent with management's projections for modest industry growth," according to a letter sent to Dell. Last week, research firm IDC said global PC shipments fell 13.9% in the first quarter, with much of the blame being assigned to weak reception towards Windows 8.
Closing prices: IBM closed down 8.3% to $190 Friday. GOOG rose 4.4% to $799.87, MSFT rose 3.4% to $29.76 but DELL fell 3.9% to $13.40. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia