HP Stock Price Drops 12.4 Percent After Unexpected $8.8 Billion Loss
At market opening today, HP took a big hit, with shares trading at $11.65, 12.41 percent below yesterday's level. The company announced disappointing earnings before market opening. As analysts expected a $2.2 billion net profit, the $8.8 billion loss came as a very bad last-minute surprise. HP blames accounting frauds preceding HP's acquisition of Autonomy.
Shares closed at 13.30 yesterday. Yesterday morning, Forbes reported that HP was trading near its 2001 low, evaluating the possibility of having hit a low, with the worst behind. All of this was before the earnings.