News Of Additional Buyback Boost HPQ Shares
Hewlett-Packard Co. (NYSE: HPQ) had decided to add $10 billion to its ongoing share buyback program.
Shares of HPQ have been sliding following the resignation of its CEO Mark Hurd. The Palo Alto, California-based company announced that its board of directors had authorized the addition of $10 billion to its existing share repurchase plan of $8 billion, announced in November last year. HPQ added that it plans to buy back shares worth at least $3 billion during its fiscal fourth quarter, ending October 31.
Hewlett-Packard is currently in the midst of a bidding war for 3Par Inc. (NYSE: PAR) with rival Dell (NASDAQ: DELL). HPQ’s current bid for the company that manufactures storage software and hardware for cloud-computing deployments stands at roughly $2 billion.
Shares of HPQ were up 2.63% at $39 at 1:14pm EDT.
Read more from Benzinga's Company news.
