Checked the Bloomberg terminal this morning and saw that HPQ currently trades at 4.5x next four quarters' consensus earnings. Just to put this into perspective, this level is not a one-, three- or even five-year low. It's the lowest in Bloomberg's database, which goes back to 1985 for HPQ.
My thesis is that institutional value investors are on strike. Even if Street consensus is wrong by a large percentage, the forward multiple is still ridiculous.
A guess is that no manager wants to touch this turd before quarter end, so we may see some support begin next week, though volumes will be low because of the 4th falling in the middle of the week.