H-P Disappoints Beyond Autonomy Mess

Hewlett-Packard Co.'s HPQ +2.48%allegations of accounting fraud at its Autonomy software unit Tuesday overshadowed another rough quarter for the technology company.

By Wednesday morning, some analysts had downgraded H-P's stock in research notes with titles like "Throwing in the towel," and "More Shoes Than Imelda Marcos."

"No más," said Brian Marshall, an analyst at ISI Group, who is among those who downgraded H-P's stock. "We just can't do it anymore. The key metrics from a revenue standpoint are moving in the wrong direction."

Driving the downgrades were H-P's financial results unveiled on Tuesday for its fiscal fourth quarter. The bulk of attention focused on revelations by the Palo Alto, Calif., company that it had discovered alleged accounting irregularities at its Autonomy business.

Read Full Article from Wall Street Journal

- Posted: 2012-11-21 15:57:15

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