The New York Times > Business > Your Money > Gretchen Morgenson: Just Don't Say 'Synergy' to a Hewlett Investor "The merger of Hewlett-Packard and Compaq Computer, consummated in May 2002, was one of the meanest and most expensive battles in corporate history. As the company's third-quarter results seem to show, shareholders are still paying a heavy price.
Consider the rude awakening for shareholders early Thursday morning when Carleton S. Fiorina, the chief executive, announced that the company's profits in the third quarter would come in well below Wall Street's forecasts. Hewlett-Packard's stock plummeted; by the close of trading on Friday, it was down 17 percent for the week.
Back in November 2002, Ms. Fiorina said in an interview, "The wisdom of this decision will become more and more evident over time."