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Although Investor Relations will spin this accounting issue as a scam perpetrated by Autonomy, anyone with a top accountant knows HP’s accounting firm charged an insane amount of money to supposedly conduct due diligence to insure a scam like this could not happen. Therefore, we are forced to conclude HP’s accountants did a subpar job, and there’s no telling how many more mistakes they’ve made recently.
How Will This Scandal Affect Hewlett-Packard’s Stock?
As we’ve learned from decades of investing, when smoke rises from a company’s accounting division, run for the exit as if you see blazing fires. In other words, SELL or STAY AWAY, then ask questions later.
Hewlett-Packard is already in the middle of a mind-numbing mess. Apple (NASDAQ:AAPL) has eaten a critical amount of market share via Macs and iPads. Plus HP’s stock is down to a decade low. If shares keep falling, they will reach levels not seen since 1994. Yes, 1994. Don’t go back to the 90′s.
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