Why Hewlett Packard Enterprise Stock Plunged 20% This Week
A Wall Street downgrade questioning the timeline for corporate artificial intelligence spending sent Hewlett Packard Enterprise (NYSE:HPE) tumbling 20.2% this week.
Hewlett Packard Enterprise stock changed hands at $58.63 as of the close on Thursday, October 15, down 20.2% from Friday, October 9’s close. Over the same period, the S&P 500 (SNPINDEX:^GSPC) slipped 0.9%, and the Nasdaq-100 was down 3.1%.
Analysts at Barclays downgraded Hewlett Packard Enterprise on Wednesday to the equivalent of a hold rating, citing concerns that corporate adoption of artificial intelligence hardware is taking longer than expected.
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