Sources tell DealBreaker that Dell CEO Kevin Rollins is out at the company as chief exec, and founder and chair Michael Dell is in. Apparently people have been waiting for Michael to pull the plug on Rollins and "people view this as a positive catalyst...their [Dell's] performance has sucked and so we think the Street will give ole Mikey a pass on Q4." Sources expect stock price to go up by as much a $1.25.

Update: Reuters confirms the shake-up.

As of 4:50, "Dell shares up 7.1% to $25.94 in late trading," according to MarketWatch.