Dell Technologies Inc. (DELL) stock news
At 1:23 PM ET time today DELL stock is up more than 8%, with a stock price of 53.27+4.26 (+8.69%). This stock price move is news based for DELL stock.
“Dell Technologies shares jumped in trading Wednesday after The Wall Street Journal reported that the company was considering a spinoff of its valuable stake in VMware.
If Dell goes ahead with a move, its stock (ticker: DELL) could have additional upside. In late morning trading, the shares were up 7%, at $52.50. Shares of VMware (VMW) are up nearly 3%, to $153.80.
Dell’s 81% stake in VMware—about 338 million shares—is worth about $54 billion, or about $71 for every Dell share, based on a Dell’s fully diluted share count of 755 million shares.
“We do think there is a tremendous amount of value within core DELL (ex-VMW) that isn’t factored into the current stock price appropriately,” Evercore ISI analyst Amit Daryanani wrote following the report. He has an Outperform rating and an $80 sum-of-the-parts.”
Stock market source: https://www.barrons.com/articles/why-a-vmware-stake-spinoff-could-mean-further-gains-for-dell-stock-51593012143?siteid=yhoof2&yptr=yahoo
DELL stock chart
DELL stock chart as of June 24, 2020, stock market open.