HP's purchase of U.K. software maker Autonomy last year was thrust into the spotlight on Tuesday, as the company recorded a massive writedown of around $8.8 billion related to the deal.
HP said most of the asset impairment charge relates to "serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy" that occurred prior to HP's $10.3 billion acquisition of the company.
"These improprieties were discovered through an internal investigation after a senior member of Autonomy's management team came forward following the departure of
Apple (AAPL) also grabbed its share of attention this week, after the tech giant announced its Black Friday sales event. As part of the promotion, pricing for Apple's iPad with Retina Display started at $458, down from $499. Pricing for the iPad 2 started at $368, down from $399, while pricing for the fourth-generation iPod Touch started at $178, down from $199. Apple announced Black Friday deals on 19 products and accessories. TheStreet's Chris Ciaccia, however, was unmoved by the promotion, citing better deals for Apple products elsewhere, such as at Best Buy (BBY). Apple shares gained 4.5% to end the week at $571.50.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV