/// HP Rises on a Day Full of Unusually Good News

November 1, 2013  |  All Things Digital


Shares of computing giant Hewlett-Packard are rising on a fair bit of unusually good news for a company that has seemed stuck in an endless turnaround. In late-afternoon trading, HP shares were up by $1.18, or almost five percent. If that holds to the close, it would be the biggest improvement in HP shares since Oct. 8, when they rose nine percent. So what’s driving the boost today? First, HP has won a $3.5 billion five-year deal to run the communications network for the U.S. Navy. The contract had been challenged by Harris Corp., which lost out on the deal. The Government Accountability Office said without elaborating that it had denied part of Harris’ challenge, and also dismissed part of it. Update: A few colorful details have since emerged regarding the nature of Harris’s complaint against HP’s winning that Navy contract. The GAO released a redacted version of its decision earlier today. The chief complaint was on pricing: Harris said that if the Navy had really done its homework, it would have concluded that HP’s price was “unreasonably low.” Never mind that the Navy found pricing problems with different aspects of all the initial bids (some bits were thought to be too high, some too low) and forced them all to revise their proposals

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HP Rises on a Day Full of Unusually Good News

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