On October 4th I wrote the HP is a $5.00 stock and I want to thank the management in helping me with my prediction.
http://dealbook.nytimes.com/2012/11/20/h-p-takes-big-hit-on-accounting-improprieties-at-autonomy/
HP announced today that it has taken a $8.8B accounting charge to discount the value of a $9.7B investment of Autonomy last year.
The takeover was the brainchild of Léo Apotheker, H.P.’s chief executive at the time, and was criticized within Silicon Valley as a hugely expensive blunder.
“I’m both stunned and disappointed to learn of Autonomy’s alleged accounting improprieties,” Mr. Apotheker said in a statement. “The developments are a shock to the many who believed in the company, myself included. ”
HP is truly the laughingstock of Silicon Valley and Wall Street. I am highly confident that many many former employees screamed not to do this deal and were let go for not being team players.
The bottom line is that HP sucks....As a compnay, as a product and as a future. More to come, I am certain.
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