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WHEN the board of HP, the world's largest computer-maker, unveiled plans to restructure, it expected the company's shares to suffer; but not to crash by 20%. HP's bosses thought investors would love their plan to spin off the firm's low-margin personal-computer (PC) business, but be wary of their plan to buy Autonomy, a British software-maker, for a handsome $10.3 billion. In fact, they hated both ideas. On August 19th, the day after the announcement, they wiped $12 billion off HP's market value.

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