Steve Jobs Thought Hewlett-Packard was Being "Dismembered and Destroyed"
Hewlett-Packard (NYSE: HPQ) is getting hammered by investors who are concerned about the accounting irregularities that occurred within Autonomy before the PC maker acquired the firm. Shares are currently down more than 12 percent.
This is the latest of many troubles at H-P. The company has traded down all year, losing more than 18 percent of its value in the last month alone. Year-to-date, H-P is down more than 55 percent.
Going into 2012, H-P CEO Meg Whitman reportedly admitted that a competitor would lead the market this year. It seems that she was right.
Before this mess ever occurred, however, Apple (NASDAQ: AAPL) co-founder Steve Jobs lamented the demise of H-P. "Hewlett and Packard built a great company, and they thought they left it in good hands," he said, as quoted by Walter Isaacson (the author of the only official Steve Jobs biography). "But now it's being dismembered and destroyed. It's tragic. I hope I've left a stronger legacy so that will never happen at Apple."
While Apple is certainly in a better position than H-P, the Cupertino, California-based tech giant continues to decline in value. After a one-day spike, investors have chosen to abandon Apple again. The stock is trading down nearly one percent this afternoon, adding to the 15 percent decline that has hindered Apple's growth over the last three months.
Year-to-date, Apple is still up more than 36 percent.
Follow me @LouisBedigianBZ
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.