If I did the figuring right...

HWP closed around $23.25 last Friday. It's now around $17.45. HWP would have "paid" $25 B (in stock) - 0.6325 shares for each CPQ share, yielding 1.075 B shares.

CPQ's around $10.12 now, which is less than HP's offering ($11.04) so both companies' stocks are being hammered.

(This neglects preferred stock, etc., which might have figured in the $25 B total.)

Cheers,
Scott.