Options Bears Target HP Stock After Downgrade

Morgan Stanley downgraded HP Inc (NYSE:HPQ) to "equal weight" from "overweight" earlier, citing the company's high valuation while noting PC market recovery is already priced into the shares.HPQ was last seen down 4.2% to trade at $34.41, but still sports a 14.4% year-to-date lead. Pressure could be emerging at the $36 level, which rejected the shares last session after an extended bounce off the $32 level. Calls have been more popular than usual in the options pits in the past 10 weeks. This is per HP stoc ...