Friday, August 19, 2011

HP Stock Loses Another 20 Percent

Posted By on Fri, Aug 19, 2011 at 8:51 PM

Hewlett-Packard stock plunged another 20 percent today, one day after its dramatic announcement that its future plans have less to do with consumers. On Thursday, HP officials said they had little interest in smartphones or tablet computers, after years of buying up companies like Compaq ($19 billion) and Palm ($1.8 billion).

By end-of-day, HP stock was at $23.60 per share, less than half of where it stood in February ($48.94).

In addition to its announcement that it would sell or spin-off its personal computer division, HP announced Thursday that it was purchasing Autonomy, a British software company for $10.24 billion. Standard & Poors followed up by placing Hewlett-Packard and its subsidiaries on a credit watch with negative implications.

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