... But Dell Computer's Founders
Another high-profile stock offering hasn't gone nearly as well. On Feb. 24, Dell Computer withdrew its long-planned secondary offering of 4 million shares of common stock, citing unfavorable market conditions. The company also said that it expects overall net margins to drop from historical levels of around 5% to about 4% for its current fiscal year. Immediately after the announcement, Goldman Sachs, the lead underwriter for the offering, dropped its "buy" rating on Dell, and the stock plunged 17%, to 30 1/8.
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