Gary Kaminsky Is A Seller Of Hewlett-Packard Company (HPQ) On The Buyback News

Gary Kaminsky said on CNBC's Fast Money that investors should sell Hewlett-Packard Company (NYSE: HPQ) shares, after the company announced the buyback of its shares.

He explained that the history has taught us that technology stocks have underperformed after the announcement of buybacks. Intel Corporation (NASDAQ: INTC) is an example of his claims. Gary kaminsky said that Intel Corporation (INTC) has announced a huge buyback in 2005, and it didn't create any value for Intel's (INTC) shareholders. In his opinion, most buybacks are bad allocation of capital.

Gary Kaminsky added that he sees this move as a desperate move from Hewlett-Packard Company (HPQ). Hewlett-Packard Company (HPQ) jumped 1.47% today, and closed at $38.56.