HP Stock Drops on Xerox Deal Doubts

Despite today's dip, the stock is still eyeing its fourth weekly win

Digital Content Manager
Nov 8, 2019 at 10:15 AM
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The shares of HP Inc (NYSE:HPQ) are lower, after a report from Bloomberg came out last evening indicating Xerox's (XRX) bid to take over HP is a cash-and-stock offer of $22 per share. The report also noted some hesitancy from HP, however, with sources familiar with the matter stating that the printing name has some concerns whether a sale to Xerox would be the best deal for HPQ shareholders. At last check, the stock is down 0.2% at $19.14. 

This move follows a huge surge in the shares of HP this Wednesday, when reports over the supposed acquisition surfaced. The stock shot back up to its early August levels, but wound up losing steam near its 320-day moving average. While HPQ has cooled since this spike, the stock eyeing its fourth straight weekly win, up 8% so far this week -- it's biggest week-over-week increase in over two years. On the other hand, HPQ shares are down 6% year-to-date. 

Analysts have been cautious on the stock, with all 14 in coverage calling the equity a "hold" or "sell." This is also evidenced by the security's consensus 12-month price target of $19.62, which falls in line with current levels. 

At the the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), bearish interest is picking up. While only 0.91 puts have been purchased to open for every call in the past 10 weeks, this ratio sits higher than 74% of all other readings from the past year, suggesting the rate of put buying relative to call buying has been accelerated. 

 

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