Hewlett-Packard stock heads into the pit of despair

The hits just keep on coming for poor old Hewlett-Packard. One year into the endless HP turnaround, investors seemed to have lost confidence in CEO Meg Whitman’s ability to fix this leaky goliath.

While Whitman dodges bad weather in Tampa at the Republican convention, HP’s stock continues its descent into the pit of despair. The stock was down 1.77 percent in mid-day trading on Tuesday, hovering at $16.91 per share. That’s down from a February high of $29.89 per share, where it peaked after HP enjoyed several months of a post-Meg bounce.

With a market cap of $33.33 billion, a blip compared t Oracle’s $154.8 billion market cap, you have to wonder if something dramatic isn’t in store for HP. Whitman already closed off the option of punting away the PC business. But unloading some of its other assets seems like it might be on the table at some point.

Of course, the much more entertaining option would be a hostile bid from some nemesis, say a billionaire software company owner who has some time to kill before his next boat race. Or someone like that.

UPDATE: The stock closed just a tad lower, at $16.90 per share.


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