HP's stock is worth MINUS $2 a share! How long before Oracle buys them?
Adam Rifkin stashed this in Silicon Valley!
We are witnessing the fast implosion of some tech companies that were once huge. I won't get into the downward spirals of RIM and Zynga, but this analyst's assessment of HP demonstrates how we are counting down to the day that Oracle buys them for a song:
"Their balance sheet is a mess," Wu told Business Insider. "We calculated—I couldn't believe this—the tangible book value [at] -$2 [a share]. The book value, when you look at it, says $16. But you have to take out the $36 billion in goodwill. They are going to write that off, the whole thing at some point. So basically, the company's intrinsic value is negative. They are fortunate the stock's not zero. This is not an opinion. These are facts."
Mother of God, Meg Whitman is presiding over the utter destruction of HP!
Ten little Indians...
Maybe Apple will just out of respect for the founders...
Three years later HP is trading at $25/share.