Multi-year highs for H-P ahead of annual meeting

|By:, SA News Editor

Even as equities closed lower following the FOMC and Janet Yellen's remarks, H-P (HPQ +3.5%) is at levels last seen in 2011 (before the Autonomy deal and Palm write-down) ahead of its 5PM ET annual meeting.

Citing Autonomy and the aborted PC spinoff, advisory firm Glass Lewis opposes the re-election of directors Marc Andreessen, Rajiv Gupta, and (ex-chairman) Ray Lane. All 11 H-P directors were re-elected last year even though advisory firm ISS opposed three of them (inc. Lane).

optionMONSTER observes H-P has seen strong short-term call-buying activity; 19K+ March 30.50 contracts (safely in the money after today's move) changed hands yesterday.

This morning, H-P announced a new integrated server/storage/networking system optimized for SAP's (SAP -0.9%) popular Hana in-memory database. The system, which has a steep starting price of $87.8K, comes ahead of the launch of Project Kraken, an H-P server that aims to run Hana with 3x as much memory as rival offerings.

Yesterday: H-P rises on Barclays upgrade