It seems that many technology investors still favor the "old-fashioned" legacy businesses, which include desktop and laptop computers, and printers.
Shares of HP (HPQ) - Get Report soared by 13% Monday on the company's first trading day as a public corporation after the original 76-year-old HP was split into two entities on Sunday. The new HP will contain the company's PC and printer businesses. It will be led by CEO Dion Weisler.
The second company, Hewlett Packard Enterprise (HPE) - Get Report , saw its shares drop by 1.6% on Monday. Hewlett will be an enterprise company selling storage, servers and services to businesses. It will be led by CEO Meg Whitman, who previously ran the entire company.
Each company is expected to have annual revenue of about $50 billion, the New York Timesreported.
Whitman announced the split on Oct. 6, 2014. She also said at the time the entire company planned to implement about 50,000 job cuts through a combination of layoffs and retirements.
"I expect a lot of volatility in the next couple of weeks," said Whitman, in an interview Monday with Bloomberg News. "Probably by the end of November, we'll have a pretty good read on, you know, what is the market assessing the value of each company."
The big jump in HP shares Monday was certainly welcomed by Wall Street. HP shares lost 33% of their value through the first 10 months of this year.
HP shares closed at $13.83 on Monday. Hewlett shares closed at $14.49.
In a recent interview with Re/code, Whitman said Hewlett, which will have about $5.5 billion in available cash on its balance sheet, may be looking for strategic acquisitions. That will help the company compete more effectively in a crowded marketplace, especially against privately held Dell, which last month announced it would pay $67 billion to buy data storage company EMC (EMC) .
Investors will be watching for key production numbers.
"With the company already having reported its 3Q deliveries, the focus turns to 4Q production ramp execution," Pacific Crest Securities analyst Brad Erickson said in a research report, according to Investor's Business Daily. "Model X has been a disappointment to investors so far, and our recent checks highlighted poor demand for reservations thus far."
Fitbit said it earned 24 cents a share for the third quarter, above analysts' estimates of 10 cents a share for the quarter. The company reported revenue of $409 million for the third quarter, a 168% increase from the year-ago quarter, and above analysts' estimates of $350.97 million.
Read TheStreet'sfull report on Fitbit's third-quarter financial performance.
Fitbit shares closed at $40.75 after Monday's regular trading session, up less than 1%.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.