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HP rallies after its share price collapse last week TECHNOLOGY(City A.M. (UK) Via Acquire Media NewsEdge) HEWLETT Packard shares rallied yesterday after a respected analyst upgraded the stock in the wake of a brutal restructuring mooted last week. s Shares in the US computer giant, which is to buy Autonomy in an eyewatering $10.2bn (£6.2bn) deal, gained four per cent, recouping some of Friday's 23 per cent drop. As well as announcing the shock move for Autonomy, HP said it will undergo a massive shake-up, axing its struggling tablet and smartphone business and exploring a spin-off of its PC manufacturing arm. Autonomy also gained 1.4 per cent yesterday, taking its share price to 2,486p, just below the 2,550p offered by HP. Sources close to the deal, which is offering a vast premium to Autonomy's pre-bid closing price, say it is almost certain to close by the 12 September deadline. (c) 2011 City A.M. |