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HP STOCKS FALL AFTER XEROX BID REJECTION - Capital Street FX

18-Nov
20:08 IST

HP Inc’s stock is currently trading at 20.04-lower by 0.69% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 0.89%. The stock has pared some of its earlier losses after the opening bell.

The company’s directors on Sunday unanimously rejected a proposal from U.S. printer maker Xerox to acquire it. Directors rejected the proposal citing the offer was not in the best interest of stockholders and would undervalue the company. The U.S. printer maker had offered HP $22 a share in its takeover bid for the company.

The bid consists of 23% stock and 77% cash. HP’s board considered the highly conditional and uncertain nature of the proposal in reaching the decision. HP’s share has rallied around 10% since 5th November when the first news reports surfaced on printer maker’s $33.5 billion cash-and-stock offer to buy the company.

On the technical front, the RSI is currently at 75.66% and suggests that the market can continue trading sideways. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.

 

TRADE SUGGESTION- STOP BUY AT 20.10 TAKE PROFIT AT 20.35 STOP LOSS AT 19.97

 

 

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