H-P shares up as filing predicts more layoffs
9/10/12 10:09 AM ET (MarketWatch)
SAN FRANCISCO (MarketWatch) -- Shares of Hewlett-Packard Co. rose 1.8% to $17.61 on Monday morning after the high-tech giant disclosed in a filing that it plans to lay off about 2,000 more workers than it previously expected as a part of its restructuring efforts. That would bring the total planned headcount reduction at the company to about 29,000 over the next two years. In a filing with the Securities and Exchange Commission on Monday morning, H-P also raised its projected restructuring costs to $3.7 billion from its previous estimate of $3.5 billion. The company gave its original estimates in May. H-P's stock had fallen about 10% since its earnings report on Aug. 22 up until Friday's close.