Hewlett-Packard Company (NYSE: HPQ) had the most active trading day in more than a decade on Monday with some 199 million shares traded by the 4:00 PM Closing bell. The drop from Mark Hurd’s resignation (a.k.a. firing) has been countered today by at least one firm out defending the value of H-P.
Morningstar has defended the stock on Tuesday and compared it to other key resignations and firings due to scandals. It noted, “If you loaded up on HP shares as a play on enterprise technology, or the prospect of a Palm-powered tablet or the firm’s services group, Hurd’s departure won’t have a major impact. Businesses are still going to want to upgrade their hardware, they will need someone to help them run it, and consumers’ demand for shiny toys is exogenous from who is sitting at the head of the board table.” The thesis: “…given the history of other executive scandals, HP’s competitive advantages look safe.” FULL MORNINGSTAR NOTE
Despite a very weak tech sector based upon a slowdown in PC demand and a building of chip inventories, H-P shares are up 0.39% at $42.76.
JON C. OGG
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