Hewlett Packard Enterprises (HPE) shares were down more than 7% Tuesday evening after the company announced its CEO Meg Whitman would be stepping down in February 2018 to be replaced by current president Antonio Neri.
Whitman joined Hewlett Packard in 2011 and oversaw a transformation of the company that has resulted in a 71% increase in stock price over the past 2 years.
"I'm incredibly proud of all we've accomplished since I joined HP in 2011. Today Hewlett Packard moves forward as four industry-leading companies that are each well positioned to win in their respective markets," Whitman said. "Now is the right time for Antonio and a new generation of leaders to take the reins of HPE. I have tremendous confidence that they will continue to build a great company that will thrive well into the future."
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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