Hewlett-Packard stock prices august 19 2011

Hewlett-Packard stock prices august 19 2011 : Shares in Hewlett-Packard slumped by more than a fifth to a six-year low early on Friday, a day after the world's biggest PC maker signaled a major shake-up in its business and cut its annual forecast. The decline wiped some $14.5 billion off the company's market value.



Hewlett-Packard (NYSE: HPQ ) dropped 23% in intraday trading today after issuing disappointing guidance and revealing plans to "transform" the business.



Shares of HP fell to $22.76 in heavy early morning trading, making it the biggest loser on the New York Stock Exchange. The broader S&P 500 Index fell nearly 1 percent.



With a forward 12-month price-to-earnings ratio of 5.6, the company is trailing its peers, including Dell, Apple and IBM according to Starmine SmartEstimate.



Excluding losses on Thursday and Friday, HP's stock has lost nearly a fifth of its value since the world's largest PC maker reported second-quarter results on May 17.



On Thursday, the company said it may spin off its PC business and also cut its outlook and said it will buy British software company Autonomy Corp to boost its cloud business.



At least two brokerages downgraded the Palo Alto, California-based company's stock, and five analysts cut their price targets, mainly citing the uncertainty and expenses that will accompany the company's restructuring.



"HP is undergoing a sound strategy transformation by focusing on high-growth, high-margin opportunities in the enterprise/commercial markets," Gleacher and Co wrote in a note and cut its price target to $39 from $50.



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