Hewlett-Packard’s slide marks another for the re
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Posted On: 11/20/2012 12:35:18 PM
Hewlett-Packard’s slide marks another for the record books
With their 10.6% drop in recent trades, shares of Hewlett-Packard Co. HPQ -10.98% are on track to deliver one of their worst one-day performances since 2000 and their second historically bad slide since October.
Investors are dumping the stock after H-P disclosed accounting irregularities tied to its $10 billion purchase of Autonomy Corp. in 2011 as part of its effort to beef up its information technology business.
The dive currently ranks as the ninth-biggest since the halcyon days of the dot-com boom gave way to a bust, according to data from FactSet. It’s also the second big dive in just a few weeks. On Oct. 3, the stock fell 13% to its lowest level in a decade after Chief Executive Meg Whitman warned of red ink ahead and admitted it’ll take longer to turn around the tech firm.
While the latest sell-off is painful, it doesn’t rival H-P’s worst day since 2000 on Aug. 19, 2011.
That’s when the stock fell 20% after the company set plans to buy Autonomy Inc. while cutting its sales outlook, discontinuing its webOS operations and revealing it could spin off its personal-computer business. On a footnote, H-P decided against that last move and held onto its PC unit.
http://blogs.marketwatch.com/thetell/2012/11/...ord-books/
With their 10.6% drop in recent trades, shares of Hewlett-Packard Co. HPQ -10.98% are on track to deliver one of their worst one-day performances since 2000 and their second historically bad slide since October.
Investors are dumping the stock after H-P disclosed accounting irregularities tied to its $10 billion purchase of Autonomy Corp. in 2011 as part of its effort to beef up its information technology business.
The dive currently ranks as the ninth-biggest since the halcyon days of the dot-com boom gave way to a bust, according to data from FactSet. It’s also the second big dive in just a few weeks. On Oct. 3, the stock fell 13% to its lowest level in a decade after Chief Executive Meg Whitman warned of red ink ahead and admitted it’ll take longer to turn around the tech firm.
While the latest sell-off is painful, it doesn’t rival H-P’s worst day since 2000 on Aug. 19, 2011.
That’s when the stock fell 20% after the company set plans to buy Autonomy Inc. while cutting its sales outlook, discontinuing its webOS operations and revealing it could spin off its personal-computer business. On a footnote, H-P decided against that last move and held onto its PC unit.
http://blogs.marketwatch.com/thetell/2012/11/...ord-books/
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