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Why Dell Stock Got Cut in Half Today
If you haven’t been paying close attention to Dell Technologies (NYSE: DELL) stock lately, you may have woken up to a shock today. At a share price of $55.12 as of 10:45 a.m. EDT, Dell shares seem to have been cut in half overnight, after closing at $111.51 per share Monday evening. Instead, what happened is that yesterday after close of trading, Dell completed the spinoff of its 81% stake in VMware (NYSE: VMW), effectively dividing the company into two stand-alone companies and distributing a total of 310.9 million shares of VMware (and a boatload of cash) among Dell shareholders.
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