HPE Rallies 1.55% as 18-State Merger Probe Unfolds, Trading Volume Slumps to 178th Rank

On September 5, 2025, , ranking 178th among active stocks. The move followed a legal challenge led by New York Attorney General , who joined a coalition of 17 states to demand judicial scrutiny of a controversial DOJ-approved merger between HPE and Juniper Networks. The group alleges the settlement was influenced by unethical lobbying and secret agreements, violating antitrust laws and public trust.

James’ letter highlights claims of “backroom dealings” between HPE representatives and -era DOJ officials, including alleged secret side agreements and pressure tactics. The coalition argues the merger settlement fails to address antitrust risks identified in the original DOJ lawsuit, . Two senior antitrust attorneys reportedly resigned after opposing the deal, calling it a “scandal” that prioritized corporate interests over legal integrity.

The legal challenge invokes the 1974 , which mandates judicial review of antitrust settlements to prevent undue corporate influence. The coalition is urging the Northern District of California court to investigate alleged corruption and block the merger if misconduct is confirmed. The case has drawn national attention due to its implications for regulatory accountability and market fairness.

To run this back-test rigorously I need to pin down a few execution details: 1. Universe – “All stocks” can mean very different things (e.g., U.S.-listed common shares only, a specific exchange such as NYSE + NASDAQ, or a regional market). Please confirm which universe you want me to screen for the daily top-500 volume names. 2. Execution convention – Should we assume positions are opened at the market close on the ranking day and closed at the next day’s close (a 1-day holding period)? Or do you prefer open-to-close (buy next day’s open, sell next day’s close)? 3. Transaction cost / slippage – Do we include any estimate (e.g., 2 bps per side) or assume zero? Once I have this information I can generate the data-retrieval plan and run the back-test.