Dell shares fall on Goldman Sachs downgrade
Dell Inc., the world's second-largest personal-computer maker, plunged as much as 16 percent on the Nasdaq after Goldman, Sachs & Co. added the company's shares to its ``conviction sell'' list.
Dell is dependent on computer hardware, which is likely to see prices and sales fall as demand shrinks, analyst David C. Bailey said today in a report.
Dell, based in Round Rock, Texas, fell $1.54, or 15 percent, to $8.97 at 1:03 p.m. New York time in Nasdaq Stock Market trading. The shares, down 57 percent this year before today, dropped as low as $8.85 earlier in the session.
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