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Why Hewlett Packard Enterprise stock plunged Friday

Enterprise technology provider Hewlett Packard Enterprise Co. has completed the latest spin-off in its seemingly endless reorganization on Friday, and shares fell in response to the company’s reduction in size.

HPE HPE, +2.15% stock closed 20% lower Friday at $14.31. That adds to struggles the company has had unrelated to jettisoning business units, as HPE has fallen 38.3% this year while the S&P 500 index SPX, +0.20% has gained 9.1%.

With the completion of the sale of its software business to Micro Focus International PLC MCRO, +0.00% “HPE has achieved a major milestone in becoming a stronger, more focused company, purpose-built to compete and win in today’s market,” Chief Executive Meg Whitman, said in a news release Friday morning.

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