HP Stock Hits Six-Year Low

Friday Aug 19th 2011 by Datamation.com Staff

A sharp decline in share prices erases $14.5 billion of HP's market value.

Reuters: One day after announcing plans to spin off its PC division, kill off webOS and acquire software vendor Autonomy, HP's share price dropped to a six-year low. The stock fell to $22.76 Friday morning, erasing $14.5 billion from the company's market value.

"Last night HP may have eroded what remained of Wall Street's confidence in the company and its strategy," Needham & Co wrote in a research note.

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