Hewlett-Packard Company (NYSE:HPQ) lays off 500 employees

Posted by Chris Bell July 9, 2013 0 Comment 2059 views

Hewlett-Packard Company (NYSE:HPQ), a computer and information technology services company, recently faced a serious problem as the sales of personal computers declined significantly and as a result, 500 employees were laid off at the company’s services center located in Conway. Hewlett-Packard Company (NYSE:HPQ) stated that the move to lay off the employees was taken as part of a restructuring process the company had announced in May 2012, aimed at simplifying the business processes, providing for innovations in technology and delivering better results for the employees, customers, and shareholders. Hewlett-Packard Company (NYSE:HPQ) further announced that another layoff of 29,000 employees is pending across its worldwide centers before September.

Shares of Hewlett Packard Company (NYSE:HPQ) closed higher at $25.47 per share on Tuesday, recording a gain of 1.19 percent over the previous closing price. The shares of the company fluctuated in the range of $25.28 to $25.62 per share, after opening at $25.55 per share. The shares of Hewlett Packard Company (NYSE:HPQ) recorded a 52-week low price of $11.35 per share and a 52-week high price of $25.87 per share.

Hewlett Packard Company (NYSE:HPQ) had a trading volume of 8.13 million shares on Tuesday, with an average trading volume of 16.10 million shares per day. The company currently has 1.93 billion shares outstanding in the market which accounts for market capitalization of $48.95 billion. Institutional ownership in Hewlett Packard Company (NYSE:HPQ) is 78 percent of its total equity capital.

About Chris Bell

Chris Bell is an investing reporter for GDP Insider. Chris covers financial markets and Wall Street, concentrating on developments affecting individual investors and their portfolios. Chris is also over consumer reporter and covers a wide variety of issues ranging from housing to immigration to urban poverty. Chris graduated from the University of Scranton with a degree in Communication and Philosophy. Chris's diligent investigations earned him the honor of being named "Best Reporter" once by the Headliners Foundation of Texas and once by the Houston Press Club.

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