HP Selling Off

HP looks to unload dead weight by selling off underperforming divisions

By on January 1, 2013 at 4:30 PM.

HP looks to unload dead weight by selling off underperforming divisions

Unless a meteor strikes its corporate headquarters, things can only get better for HP (HPQ) in 2013. Bloomberg reports that HP is starting off the new year by taking a fresh look at which company divisions it needs for the future and which ones can be tossed over the side. In the company’s most recent 10-K filing with the Securities and Exchange Commission, it said that it was evaluating ” the potential disposition of assets and businesses that may no longer help us meet our objectives,” which is a strong hint that it wants to unload some underperforming segments. The one problem for HP, however, is that many of its assets could be toxic, especially in light of the company’s recent multibillion-dollar write downs related to its acquisitions of companies Electronic Data Systems and Autonomy. HP acknowledged this reality in its SEC filing by noting that it “may encounter difficulty in finding buyers or alternative exit strategies on acceptable terms in a timely manner.”

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Rumor
Windows 8 Tablets Delayed

Windows 8 tablets from HP, Dell and others reportedly delayed

By on December 19, 2012 at 6:20 PM.

Windows 8 tablets from HP, Dell and others reportedly delayed

Windows 8 tablets that were set to be equipped with a new, energy-efficient chip from Intel (INTC) are reportedly being delayed until early 2013, according to Information Week. PC makers are said to be having trouble building drivers for the company’s dual-core Clover Trial Atom Z2760 processor, which was expected to help manufacturers compete with the iPad and several top-notch Android tablets in terms of performance and battery life. More →

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IDC PC Laptop Sales 2016

IDC projections for PC and laptop sales look extremely weird – again

By on December 11, 2012 at 10:35 AM.

IDC projections for PC and laptop sales look extremely weird – again

IDC published a new report on connected devices this week. It was largely devoid of surprises, but one very strange aspect of IDC’s forecasting immediately popped out: Once again, IDC is projecting PC and laptop growth that is cheerfully out of sync with everything we know is happening in the computer industry. More →

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Smartphone Tablet Shipments

Smartphone, tablet sales expected to surge during holidays as PC sales sputter

By on December 10, 2012 at 2:41 PM.

Smartphone, tablet sales expected to surge during holidays as PC sales sputter

Post-PC era, here we come. IDC is projecting that tablet and smartphone sales this holiday season will “grow 55.8% and 39.5% year-over-year respectfully, while PCs are expected to decline slightly from this quarter a year ago.” The big winners in this scenario aren’t hard to figure out: IDC says that Apple (AAPL) and Samsung (005930) are poised to stay “at the top of the smart connected device space” while traditional PC manufacturers such as HP (HPQ) will continue to languish. More →

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HP Autonomy Acquisition

HP bought Autonomy ‘out of frustration and desperation’ despite red flags

By on November 30, 2012 at 4:08 PM.

HP bought Autonomy ‘out of frustration and desperation’ despite red flags

Dating someone out of frustration and desperation is never a good idea, and it’s apparently not a good idea when it comes to corporate mergers either. Reuters recently posted a mammoth report detailing HP’s (HPQ) disastrous acquisition of IT software firm Autonomy, and it doesn’t make former CEO Léo Apotheker look very good. Essentially, unnamed sources told Reuters that Apotheker was so desperate to transform HP from a hardware manufacturer into a software firm that he overlooked several warning signs when he agreed to buy Autonomy for $11.1 billion back in 2011. More →

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HP Autonomy Scandal

HP claims ‘extensive evidence’ of Autonomy’s alleged ‘willful effort’ to commit fraud

By on November 27, 2012 at 6:20 PM.

HP claims ‘extensive evidence’ of Autonomy’s alleged ‘willful effort’ to commit fraud

HP (HPQ), which until last week was just a boring underperforming tech company, has become a lot more interesting lately. Ever since HP accused IT software firm Autonomy of committing fraud prior to its acquisition in 2011, Autonomy founder Mike Lynch has been hopping mad and has accused HP of smearing his company’s good name to make up for its own incompetence. Now HP has shot back today, claiming that it has “uncovered extensive evidence of a willful effort on behalf of certain former Autonomy employees to inflate the underlying financial metrics of the company in order to mislead investors and potential buyers.” More →

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HP Autonomy Shareholder Lawsuit

HP gets sued by investors over $8.8 billion Autonomy write off

By on November 26, 2012 at 5:04 PM.

HP gets sued by investors over $8.8 billion Autonomy write off

And here come the lawsuits. Bloomberg reports that HP (HPQ) investors have unsurprisingly decided to sue the company over the $8.8 billion write off related to its 2011 acquisition of enterprise IT firm Autonomy. The complaint against HP “was filed today in federal court in San Francisco by the law firm Robbins Geller Rudman & Dowd LLP,” Bloomberg writes. HP last week surprised the tech world when it alleged that Autonomy had committed accounting fraud before its acquisition by HP and said it would seek to press criminal charges. Former Autonomy founder Mike Lynch quickly shot back at HP and said that the company was unjustly smearing his firm to cover up for its own incompetence.

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HP Autonomy Scandal

Autonomy founder lashes out at HP’s ‘complete ambush’

By on November 23, 2012 at 8:15 PM.

Autonomy founder lashes out at HP’s ‘complete ambush’

Autonomy founder Mike Lynch is still hopping mad at HP’s (HPQ) accusations that his former company committed accounting fraud. In a new interview with Business Insider, Lynch accuses HP of conducting a “complete ambush” and says that he will not be the “scapegoat” for the company’s purported poor business decisions. Lynch also said that the $8.8 billion write off HP reported for its Autonomy acquisition was a smokescreen for deeper problems at the company and said that “they tried to blame it on the accounting but obviously something else is going on.” Lynch told the Wall Street Journal earlier this week that he found it suspicious that HP would level accusations against his former company at the same time it released “the worst set of results in their 70 year company history.”

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HP Autonomy Scandal

Autonomy auditor says it found nothing to justify HP’s fraud allegations

By on November 21, 2012 at 12:40 PM.

Autonomy auditor says it found nothing to justify HP’s fraud allegations

Congratulations, HP (HPQ) — this is the most interesting you’ve been in years! The New York Times reports that Deloitte, the firm whose work auditing software company Autonomy was cited by HP CEO Meg Whitman on Tuesday to justify fraud allegations, is denying that it ever found any scrap of evidence to indicate Autonomy had cooked its books. The company specifically said that it conducted its “audit work in full compliance with regulation and professional standards” and “categorically denies that it had any knowledge of any accounting improprieties or misrepresentations in Autonomy’s financial statements.” Whitman on Tuesday said that she didn’t blame Deloitte for not reporting Autonomy’s alleged fraud because it was hard to detect and HP only discovered it “after someone came forward to point us in the right direction.”

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HP Autonomy Scandal

Autonomy founder says HP lied about his company to cover up its own incompetence

By on November 20, 2012 at 3:38 PM.

Autonomy founder says HP lied about his company to cover up its own incompetence

Autonomy founder Mike Lynch isn’t taking accusations that his former company swindled HP (HPQ) lying down. In an interview with the Wall Street Journal, Lynch says he was completely blindsided by HP’s announcement this morning that it would seek criminal charges against his former company for alleged “serious accounting improprieties, disclosure failures and outright misrepresentations.” Not only does Lynch flatly deny all of HP’s charges, but he says that the company is lying about Autonomy to cover up its own financial mismanagement after it bought Autonomy back in 2011. More →

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HP Autonomy Scandal

Former HP CEO Apotheker says he’s ‘stunned’ the deal he engineered was allegedly riddled with fraud

By on November 20, 2012 at 1:30 PM.

Former HP CEO Apotheker says he’s ‘stunned’ the deal he engineered was allegedly riddled with fraud

HP (HPQ) is still being haunted by the stench of former CEO Léo Apotheker. The Wall Street Journal reports that Apotheker, “who orchestrated” HP’s purchase of enterprise IT firm Autonomy, is “both stunned and disappointed” to hear that the company committed alleged accounting fraud that forced HP to write off $8.8 billion. But despite this, Apotheker defended his tenure at HP and said that he did his due diligence in checking out Autonomy’s accounting. Former Autonomy CEO Mike Lynch, for his part, has denied any wrongdoing.  More →

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HP $8.8 Billion Write Off

HP says it had to write off $8.8 billion in Q4 because acquired IT company lied about its books [updated]

By on November 20, 2012 at 8:30 AM.

HP says it had to write off $8.8 billion in Q4 because acquired IT company lied about its books [updated]

HP (HPQ) has gotten pretty used to writing off losses in recent quarters, and the company on Tuesday announced that it would incur yet another mammoth write off of $8.8 billion linked to its 2011 acquisition of enterprise information technology firm Autonomy. What makes this latest write off particularly interesting is that HP says that the “majority of this impairment charge is linked to serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy… that occurred prior to HP’s acquisition.” Put even more bluntly, HP says it will write off $8.8 billion because Autonomy lied about its finances. Earlier this year, HP also took an $8 billion charge related to its 2008 acquisition of Electronic Data Systems. HP’s press release follows below.

UPDATE: Business Insider reports that former Autonomy CEO Mike Lynch “flatly rejects” HP’s charges that his former company committed accounting fraud during his tenure.

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Windows RT Criticism

HP’s PC boss slams Microsoft Surface and Windows RT

By on November 15, 2012 at 9:10 AM.

HP’s PC boss slams Microsoft Surface and Windows RT

Microsoft’s (MSFT) new Windows RT operating system is no stranger to criticism and while BGR’s review of the new Surface tablet was favorable, the device was not well received in other early reviews. Executives at Microsoft’s partner companies have been outspoken about the Surface as well, and HP’s (HPQ) PC boss Todd Bradley  joined in during a recent interview with CITE World. More →

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