Updated from Monday, Sept. 8
SAN FRANCISCO --
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,
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
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
said Tuesday it has no plans to buy computer factories from rival
, according to a media report.
Lenovo has enough capacity, said CEO William Amelio,
Wall Street Journal
reported last week that Dell is trying to sell its computer factories in a bid to remain competitive.