Why HP Stock Popped Today
Shares of HP (NYSE: HPQ) have popped today, up by 12% as of 11:15 a.m. EST, after The Wall Street Journal reported that Xerox (NYSE: XRX) is considering making a buyout offer. That would be a massive deal considering HP's market cap before today's jump was around $27 billion.
It would be an ambitious move by Xerox, which has a market cap of just $8 billion, to try to buy a much larger tech company. Both Xerox and HP make printers and related products, which could yield potential synergies, but HP also makes PCs and other computing devices. HP is the No. 2 PC maker in the world behind Lenovo, grabbing a 23.8% market share in the third quarter, according to IDC.
Image source: HP.
Source Fool.com
