Why Dell Technologies Stock Just Jumped
Dell Technologies (NYSE: DELL) surged roughly 8.4% on Friday before falling back, finishing the day up 2.2%.
The stock jumped initially after news broke that rival Super Micro Computer's co-founder was arrested on federal charges. It retreated from its high later in the day's trading, unable to escape the larger market slide. The S 500 fell 1.6%, and the Nasdaq Composite lost 2.1%.
The U.S. Attorney's Office for the Southern District of New York charged Super Micro co-founder Yih-Shyan "Wally" Liaw and two associates with allegedly smuggling $2.5 billion worth of its AI servers to China in violation of U.S. export controls. Liaw was taken into custody on Thursday. SMCI shares cratered 33.3% on the news.
Source Fool.com
