Consumer Electronics
Criminal Investigations Of HP Get Ugly But Sales Rise
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The Russian and German investigations of potential bribes made by Hewlett-Packard Co (NYSE: HPQ) turned vicious today. German prosecutors are examining evidence that HP paid “about €8 million ($10.9 million) in bribes to win a €35 million contract under which the U.S. company sold computer equipment, through a German subsidiary, to the office of the prosecutor general of the Russian Federation. The office handles criminal prosecutions in Russia, including many corruption cases.,” according to The Wall Street Journal.
The news is unlikely to have much effect on the stock price or senior management at HP because of the modest amount of the involved. The computer firm’s stock hit a 52-week high today at $54.64 up from a 52-week low of $33.40. Intel Corporation (NASDAQ: INTC) posted better-than-expected earnings which lifted the stocks of PC companies.
After hours, computer research firm IDC said first quarter PC sales grew 24% worldwide. HP led its competitors in global market share at 19.7%, well ahead of Acer at 13.6% and Dell Corporation (NASDAQ: DELL) at 13.3%.
Bribes or not, the HP machine is still a steamroller
Douglas A. McIntyre
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