Thursday, August 18, 2011

HP Announces Big Shakeup, Stock Takes Dive

Posted By on Thu, Aug 18, 2011 at 4:29 PM

Late this afternoon, Hewlett-Packard announced a series of plans that will move it further away from the consumer market. The world's top PC manufacturer announced it is discontinuing its smartphone products and that it may sell or spin-off its personal computer division. Additionally, HP announced that it was purchasing Autonomy, a British software company for $10.24 billion.

Trading of HP stock was briefly suspended as the firm published its quarterly earnings and made its blockbuster announcements. At the time, HP shares were down 3.1 percent at $30.42. After trading resumed, HP stock closed at $29.51 a share, a loss of nearly 6 percent for the day.

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