HP is a Silicon Valley pioneer whose late founders, William Hewlett and David Packard, become renowned for their egalitarian policies and generous benefits. The worker-friendly culture that they fostered become known as "The HP Way" — a template that has steered the views of many other Silicon Valley companies, including Apple, whose late founder, Steve Jobs, once briefly worked at HP.
In recent years, though, HP has alienated some of its 332,000 employees with mass layoffs and other cost-cutting measures aimed at boosting its profits. The company eliminated nearly 18,000 jobs during its past fiscal year.
HP's stock gained 41 cents, or 2. 5 percent, to $16.85 in afternoon trading Friday. They have traded in a 52-week range of $11.35 to $30.