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HP Touts Slate7 Tablet, Sells WebOS (Update 1)

At a price point of $169, HP is not going after the high end of the tablet market, where the iPad dominates. Instead, it is going after lower-priced tablets, such as the Google Nexus 7 and the Amazon (AMZN - Get Report) Kindle Fire HD, which both start at $199.

In other HP news, the company sold its WebOS platform to LG, with the Korean conglomerate using the operating system to support its Smart TV technology. As part of the deal, LG will get licenses for HP's intellectual property to use webOS in its products.

"This groundbreaking development demonstrates LG's commitment to investing in talent and research in Silicon Valley, one of the world's innovation hotbeds. It creates a new path for LG to offer an intuitive user experience and Internet services across a range of consumer electronics devices," Skott Ahn, LG Electronics' president and chief technology officer said in the press release. "The open and transparent webOS technology offers a compelling user experience that, when combined with our own technology, will pave the way for future innovations using the latest Web technologies."

Terms of the deal were not disclosed, and both companies said the transaction will not materially impact their respective financial statements.

Shares of HP were rising in Monday trading, up 0.21% to $19.24.

--Written by Chris Ciaccia in New York

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