Hewlett-Packard (HPQ) collapsed a further 12% lower, closing @ $11.70, after disappointing Q3 earnings, and a massive write down of its recent 'Autonomy' purchase. Primary target remains $10, and an eventual de-listing from the Dow'30 in second half of 2013.
From a price/chart perspective, you can see it bounced almost perfectly on the lower channel line. It doesn't get much better than that. Volume was naturally huge, and there is nothing good across the mid-term into late 2013.
Still profitable, but...
Certainly, the company is still making a great deal of money, and revenue is reasonable, but the general trends are not great. There remain severe underlying structural problems with HPQ.
The CEO remains out of her mind, in denial, and is leading a group of directors - all of which should have been fired today.
Can you imagine being a shareholder of HPQ ? Urghh. I can only imagine the horror and dismay that the 'average 401k joe' will be thinking as he sees yet another lousy piece of news about what used to be one of Americas finest companies.
A great shame, but...to be expected, not least whilst they keep that kind of incompetent leadership.