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VeriFone Sale Expected

May 31, 2000|Bloomberg News

Hewlett-Packard Co. may unveil the divestiture of its VeriFone credit-card authorization business at a meeting today in New York, analysts and investors said. Hewlett-Packard said earlier this month that it might get rid of some of its businesses, but it declined to provide details. Analyst Toni Sacconaghi of Sanford Bernstein & Co. said VeriFone, which Hewlett-Packard bought three years ago for $1.15 billion, is a likely candidate because it hasn't performed well. Chief Executive Carly Fiorina has been pushing to get Hewlett-Packard back on track since her arrival last year. She's taken steps to improve profitability, keep costs down and focus on gaining new business for the company's computers, software and services. Hewlett-Packard, based in Palo Alto, rose $6.38 to close at $124.50 on the NYSE.

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