Investors are selling shares of both Dell Technologies and HP Inc. on Friday, after both PC makers posted financial results after the close of trading on Thursday. But while the companies are rivals, the dynamics in the declines are quite different.

Dell (ticker: DELL) shares are taking the harder hit, though the company had the more impressive quarter. Revenues for Dell’s fiscal second quarter, ended July 31, were $26.1 billion, up 15%, accelerating from 12% growth in the April quarter, and about $600 million ahead of Street…

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