HP Stock Hits 6-Year Low after Whitman Named CEO

By the Associated Press | September 23, 2011 | 12:05 PM EDT

NEW YORK (AP) — Hewlett-Packard's stock is sinking to its lowest level in six years, as investors worry that new CEO Meg Whitman isn't the right person to turn the company's fortunes around.

The stock is down 90 cents, or 4 percent, at $21.90 in midday trading. In the morning, the stock hit $21.50, its lowest level since May 2005. Broader market gauges were up slightly after a week of volatile trading.

HP announced late Thursday that former eBay CEO Meg Whitman was taking over from Leo Apotheker, who spent just 11 months on the job. Among other things, the company's board of directors was dissatisfied with the way he announced that HP is looking to get rid of its PC division.