National Employee Morale Day At Hewlett-Packard

Hewlett-Packard (NYSE: HPQ), one of the world’s largest tech companies, will lay-off 9,000 people as it tries to boost the productivity of its biggest unit–enterprise services. The operations is about 25% of HP’s revenue and about the same portion of its operating income.

HP enterprise services was created when the company bought EDS for $13.1 billion, a move that resulted in nearly 25,000 lay-offs early last year.

The restructuring will results in a $1 billion charge and $600 million in savings. At $46, HPQ trades at the high end of its 52-week price range–$34.70 to $54.75.

No news that CEO Mark Hurd will take a pay cut.

Douglas A. McIntyre

Sponsor: 26 Cheap Stocks to Sell – Cheap stocks have been on a tear recently, but nine out of ten stocks are circling the drain!