HP shares slip after report that Xerox bid could be less rich than hoped

Shares of HP Inc. rallied 9.5% in midday trading, but pared earlier gains of as much as 18%, after The Wall Street Journal reported that the potential buyout bid from Xerox Holdings Corp. would be below $23 a share. The stock‘s intraday was $21.67. The WSJ had reported late Tuesday that . Xerox‘s shares gained 2.9%, to lift the printing and digital document company‘s market capitalization to $8.20 billion, compared with HP‘s market cap of $29.87 billion. HP shares have lost 19% over the past 12 months, while Xerox‘s stock has run up 29% and the S&P 500 has gained 11%.

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