HP Stock Hits 6-Year Low After Whitman Named CEO |
| ABC News - Sep 23, 2011 |
Hewlett-Packard Co.'s stock sank Friday to its lowest level in six years, as investors worried that new CEO Meg Whitman isn't the right person to turn the company's fortunes around.
The stock was down 90 cents, or 4 percent, at $21.90 in midday trading. In the morning, the stock hit $21.50, its lowest level since May 2005. Broader market gauges were up slightly after a week of volatile trading.
HP announced late Thursday that former eBay CEO Meg Whitman was taking over from Leo Apotheker, who spent just 11 months on the job. Among other things, the company's board of directors was dissatisfied with the way he announced that HP is looking to get rid of its PC division.
Investors are now looking for clarity about the company's direction. Chairman Ray Lane said in a CNBC interview Friday that the company isn't looking at "getting out of the PC business." But he followed that up by saying the company is still evaluating its options for the division, which is the world's largest maker of PCs.
Read Full Article from ABC News
- Posted: 2011-09-23 13:05:49
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