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US futures reverse course
as HP takes $8.8B hit

Associated Press, by Staff

Original Article

Posted By:Ribicon, 11/20/2012 2:50:06 PM

New York — Stock futures grew choppy Tuesday after Hewlett-Packard revealed that it was the victim of a massive fraud related to an acquisition and took a huge hit to its latest quarterly earnings. After a mostly positive morning, the Dow Jones industrial futures fell 18 points to 12,720. The broader S&P futures slipped 0.50 points to 1,382. Nasdaq futures added 1.5 points to 2,587. Hewlett-Packard said Tuesday that a British company it bought for $10 billion last year lied about its finances and accusing Autonomy Corporation PLC, of "serious accounting improprieties, disclosure failures and outright misrepresentations."

Comments:
HP can´t even do acquisitions right these days. How far they´ve fallen.

      


Post Reply  

Reply 1 - Posted by: wlazzell, 11/20/2012 3:45:26 PM     (No. 9026139)

I hope they are still choking on the EDS $h!t sandwich they bought a few years ago.

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Reply 2 - Posted by: Videodrone, 11/20/2012 4:01:56 PM     (No. 9026163)

worked there for 13 years, from the end of Bill & Dave through John Young then Lew Platt - back when it was an Engineer´s Company.

Sad, it was a great company now not so much

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Reply 3 - Posted by: mackrand, 11/20/2012 4:02:35 PM     (No. 9026166)

Hmmmm! That is what Due Process is supposed to protect the buyer from. Has HP forgotten how to do even the simplest things related to purchases?

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Reply 4 - Posted by: Mike PHX, 11/20/2012 4:19:25 PM     (No. 9026183)

That´s actually "Due Diligence".

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Reply 5 - Posted by: mackrand, 11/20/2012 4:39:16 PM     (No. 9026232)

Yes, you are correct. I thought that looked funny as I typed it. Thank you.

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Reply 6 - Posted by: trapper, 11/20/2012 5:05:15 PM     (No. 9026277)

Hey, Deloitte audited them and KPMG reviewed the books as well, according to the WSJ. Neither Deloitte nor KPMG found anything wrong. I don´t know what else can be expected from HP. There is no defense against an outright crook, and from HP´s fraud allegations that´s exactly what they think they were up against. Too bad, but not their fault.

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Reply 7 - Posted by: woofwoofwoof, 11/20/2012 5:55:34 PM     (No. 9026365)

#1, yes they are.

HP hasn´t got anything right since they jetisoned the old instrument divisions and became a dedicated computer company.

This particular acquisition was especially bogus, even valuing Autonomy at $1b must be exceedingly generous. But their buying EDS was also massively stupid, they wrote off $11b last quarter for EDS!

They are shooting at the past, because their present is evaporating. HP should have been foremost in tablets and the like, but they fell asleep, trying to be IBM - who isn´t in tablets either, we should note. IBM is another story, another bubble to pop pretty soon. Meg is gonna try to turn them around. Good luck, lady.




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