HP Shares Soar on Apotheker Ouster Possibility by Board
Wall Street loves a CEO firing, it seems — or, at least the possibility of one, which is the situation at Hewlett-Packard.
As AllThingsD reported earlier today, the tech giant’s board is meeting today to discuss replacing CEO LĂ©o Apotheker with another director and former eBay exec Meg Whitman.
Shares are up over nine percent now, after spiking at 11 percent. That would be up $2.04 to $24.51.
It is a big shift from the past year. Due to worries about its long-term strategy, HP’s stock has plummeted almost 43 percent in the 11 months since Apotheker was appointed. By comparison, rival Oracle’s shares are up more than three percent in the same period, and Apple stock has risen more than 50 percent.
While the situation is in flux, investors seem clear in their assessment that Apotheker should go.