Investors don’t seem to be buying Hewlett-Packard CEO Leo Apotheker’s rationale for the company’s dramatic restructuring.
The company’s shares declined by a fifth of their value from the market’s open by mid-afternoon East Coast time to $23.43.
The Wall Street Journal notes that the shares are at their lowest point in the past six years.
“The combination of H.P.’s reduced [financial] outlook and the uncertainty over its spending transformation is causing investors to bail on a company perceived to be in a multiyear restructuring,” writes Shara Tibken for the WSJ.
