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HEWLETT-PACKARD AND COMPAQ 1 Troubled Firm + 1 Troubled Firm = 1 Troubled Firm.(INTERNET & TECHNOLOGY)
Byline: Patrick Seitz
The positive spin from Hewlett-Packard Co. and Compaq Computer Corp. about their planned merger couldn't cover up the fact that it's a combination of two struggling tech giants.
Wall Street gave two thumbs down to HP's proposed acquisition of Compaq. Both companies closed down on heavy trading Tuesday. HP shares fell 18% for the day and Compaq shares were off nearly 10%.
The merger, announced late Monday, isn't likely to change the tough situation that both companies face today.
Corporate and consumer tech spending is down. HP and Compaq have had trouble competing with IBM Corp. in the tech services business. Plus, Dell Computer Corp. is eating their lunch in the commodity businesses of personal computers and low-end servers.
Analysts are skeptical of the deal.
"Mergers in general tend not to work," said Roger Kay, an analyst with market researcher International Data Corp. "The finance guys always have a pro forma view of the way a company is supposed to work. If the psychologists were allowed in the room when they negotiated, they would point out that companies often don't function very well after they merge."
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