HP, EDS and IBM on the Move
If its stock closes down more than 5.6 percent today, Hewlett-Packard will post its worst 1-day percentage decline since August 12, 2004 when it fell over 13%. The stock is also having a very active trading session. Over 90 million shares have already changed hands (as of 1:30pm ET); normal volume is 15 million shares for an entire day. The stock is at its lowest level since February 2008.
EDS’s stock is also trading in very heavy volume today. More than 70 million shares have been exchanged today (as of 1:30pm ET) – which is 18 times the stock’s average daily volume. EDS is trading at its highest level since August 2007.
Despite the threat of increased competition from a combined HP-EDS, IBM continues to hit new highs and is trading at its highest level since September 2000. As our Bob Pisani mentioned earlier today, IBM’s size and scope in the IT services industry give it a strong competitive advantage over its rivals in the marketplace.