HP and Dell are both sliding after the win. The reasons are different.

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

Dell (ticker: DELL) stocks are the hardest hit, although the company had the more impressive quarter. Revenue for Dell’s fiscal second quarter ended July 31 was $26.1 billion, up 15%, up from 12% growth in the April quarter, and approximately $600 million before street…