HP Shares Hit 6 Year LowAugust 19, 2011 10:49 pm
HP’s announcement around spinning off its PC division has had a huge impact on the stock price. We spotted this today:
“HP’s (HPQ, Fortune 500) stock ended the day down $5.91, or 20%, closing at $23.60 per share. That marks the stock’s lowest level since Aug. 16, 2005, mere months after Carly Fiorina was forced out as CEO. Shares even fell below the nadir they hit during the depths of the Great Recession in March 2009.
HP now trades at a puny 4.5 times its future earnings forecasts — about a third of the average price-to-earnings ratio for the S&P 500. But Wall Street analysts’ earnings forecasts had factored in PC sales, which account for roughly 1/3 of HP’s business.”
Statistics Source: CNN Money