A well-regarded Hewlett-Packard analyst has issued a scathing attack on the company since it launched a £7.1bn bid for UK software group Autonomy, led by Mike Lynch, and brought in new chief executive Meg Whitman.
Sanford C Bernstein & Co's Toni Sacconaghi said: "Investor exasperation with the company is the highest we have seen in 13 years of following the sector.
"We see no near-term catalysts for H-P's stock, other than the potential nomination of new directors, an activist becoming involved or the remote possibility that Oracle tries to acquire the company."
Last month Leo Apotheker was ousted as chief executive; his parting package included $7.2m (£4.6m) in severance payment. On Friday, Whitman, a former eBay boss, agreed to take just a $1 salary to appease investors.