This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Hewlett-Packard Takes $8.8B Charge From Autonomy: Hot Trends

NEW YORK (TheStreet) -- Popular searches on the Internet include Hewlett-Packard (HPQ) after the company said it took an $8.8 billion charge related to its acquisition of software firm Autonomy.

HP cited accounting issues that happened prior to its acquisition of Autonomy in 2011. CEO Meg Whitman said there were "serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy Corporation PLC." Whitman said the case has been referred to the U.S. Securities and Exchange Commission and the U.K.'s Serious Fraud Office.

HP said most of the charge in its latest quarter was tied to the fictitious accounting at Autonomy.

HP reported net revenue that fell 6.7% to $29.96 billion in the fiscal fourth quarter ended Oct. Analysts had been expecting $30.43 billion.

Excluding charges, HP earned $1.16 a share for the quarter, slightly beating analysts' expectations of $1.14 a share. For the next quarter, the company expects earnings to be 68 cents to 71 cents a share, excluding items, below analysts' expectations of 85 cents. HP did affirm its previously given earnings forecast for the fiscal year.






Hostess is trending as the Twinkie maker's liquidation plans have been put on hold.

Now that a federal bankruptcy judge delayed the company's plans to liquidate and sell off assets, Hostess will go into mediation Tuesday with the Bakery, Confectionery, Tobacco Workers and Grain Millers Union. Hostess management and the bakers' union will attempt to resolve the strike that Hostess said forced the company to shut down operations.

U.S. Bankruptcy Judge Robert Drain said Monday at a hearing in New York that to not have gone through mediation would leave "a huge question mark over this case." Drain attributed his decision to not approve Hostess' liquidation to the potential loss of over 18,000 jobs.

The bakers' union went on strike over pay cuts and reductions in benefits. Hostess said it would close down on Nov. 16, because the union's strike gave the company no other choice as it did not have enough workers to resume operations.


1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,051.73 -48.45 -0.28%
S&P 500 1,973.63 -4.59 -0.23%
NASDAQ 4,424.7040 -7.4420 -0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs