H-P (HPQ) Taps Top Wall Street Firm to Advise as Activist Investors Circle

Hewlett-Packard (NYSE: HPQ) is said to have tapped a Wall Street giant in an effort to protect itself against possible intervention by activist investors amid recent shuffling at the top.

According to the WSJ Wednesday afternoon, Hewlett-Packard has tapped Goldman Sachs (NYSE: GS) as an advisor moving forward.

Apparently Goldman has been tapped to advise Hewlett-Packard on possible defenses as questions loom. Typically, a company will adopt a shareholder rights plan, also known as a 'poison pill' provision, to protect shareholders from unwelcome investments from activist investors.

On the news, Hewlett-Packard said it carries a relationship with a number of investment banks, while Goldman did not issue a statement.

Recently, Yahoo! (NYSE: YHOO) may have seen the same pressure, as Third Point fund manager acquired a large stake in the company following the firing of Carol Bartz. Fund manager Dan Loeb called for Chairman Roy Bostock, as well as other executives, to be ousted from their respective positions.

Hewlett-Packard shares are up 1.3 percent early Thursday.

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