Can Fiorina Reboot Hp?

The new chairman's restructuring raises expectations, as the company seems to falter

Carleton S. "Carly" Fiorina has received plenty of accolades for breathing new life into Hewlett-Packard Co. since taking over the computer and printer giant in mid-1999. But on Nov. 13, such talk seemed a distant memory. After she announced fourth-quarter earnings of 41 cents a share, 10 cents below expectations, the stock skidded 14%, to less than $34. And while news that a proposed $18 billion purchase of consultants PricewaterhouseCoopers had been canceled brought relief to investors, it was a big blow to Fiorina's makeover.

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