Investors have decided to hold their Hewlett-Packard Company (NYSE:HPQ) shares after the company announced that they would not axe their PC division which is also called the Personal Systems Group (PSG) by the company.
In fact, investors have gone beyond hold and accumulated more HP shares today after yesterday’s PC division announcement. HPQ nearly refilled all of the August 18th, 2011, bearish price gap today but was short by 7 cents. It is a change of pace after a period of shares ranging between a high of $26.46 and a low of $21.50 since early September.
HP released the following statements regarding the PSG retention, “HP objectively evaluated the strategic, financial and operational impact of spinning off PSG. It’s clear after our analysis that keeping PSG within HP is right for customers and partners, right for shareholders, and right for employees,” said Meg Whitman, HP president and chief executive officer. “HP is committed to PSG, and together we are stronger.”
“As part of HP, PSG will continue to give customers and partners the advantages of product innovation and global scale across the industry’s broadest portfolio of PCs, workstations and more,” said Todd Bradley, executive vice president, Personal Systems Group, HP. “We intend to make the leading PC business in the world even better.”
Normal market trading of HPQ would finish the week with a gain of $2.34 per share after beginning the week on loose footing on Monday and Tuesday. The final normal market session close was $27.94.
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