Michael Dell, chairman and founder of Dell Computer, sold 1.2 million shares in a planned quarterly sale that coincided with a rare drop in stock value. The shares yo-yoed last month, leaping to a 52-week high at $98.50 and dropping to $78. They then rose to the price of $82.62 last week. Dell vice chairman Morton Topfer also shed stock, selling 200,000 shares, or 12 per cent of his total holdings.
Financial analysts may consider convergence a factor when valuing companies as early as this summer. According to a survey by Arthur Andersen's Global Communications and Entertainment Group, financial analysts covering communications, computing, media and entertainment industries said companies helping these sectors to converge will be seen to have more financial value. In all, 73 per cent of analysts questioned indicated that convergence would be a factor in how they valued companies in these markets by the middle of next year. Analysts in the computing field predicted an even shorter time frame, with 50 per cent expecting it to be a key factor by summer.
Intel's shares fell sharply last week, causing the US stock exchange, Dow Jones, to suffer as well. The chip giant's shares fell more than $3 to an all-time low of about $65, following its announcement last week that its next generation processor, Merced, would not be available in mass production next year (PC Dealer, 3 June). The decision also caused Hewlett Packard shares to drop, as the hardware manufacturer has teamed up with Intel for the development of the chip. Shares in Compaq, Digital and Unisys also fell on the move.
Shares in ITnet, the computer services company, have been priced at 350p, ahead of City expectations. The company is due to float itself on the UK stock exchange this week, giving it a market capitalisation of between #150 million and #200 million.
US distribution giant Tech Data has revealed that its sales for the first quarter ended 30 April increased 59.4 per cent to $2.18 billion. This was compared to last year's figures of 1.37 billion. Net income for the quarter was $23.1 million, up from last year's profit of $18.2 million. The figures included results from Macrotron, its Munich-based distributor, for the first time.
The founder of Game, Neil Taylor, saw the company's shares make their debut at 200p on the first day of trading, which rose to 255p, before finishing at 230p on 3 June. On 5 June, the share price stood at 212.5p.
Joe Macri says the vendor saw 20 per cent of its UK growth come from its Cloud Solution Provider programme last year
Pure set for further acquisitions, with a focus on the south-east
Reports claim BlackBerry is in talks over a $1.5bn deal