Hewlett-Packard chief executive Carly Fiorina blasted the media and Wall Street analysts, for negative speculation on the upcoming merger with Compaq.

Fiorina's remarks, sent to employees, said: "These are tough times. What has made our lives particularly interesting lately has been the ongoing media coverage of what they're calling the feud between the newcomers - meaning me - and the HP family."

She went on to add: "Most of the media, especially here in the San Francisco Bay Area, is positioning the merger with Compaq and the recent actions by Walter Hewlett and David Packard as a fight between the past and the future - between the Hewlett-Packard of our co-founders and the future that we're trying so hard to position ourselves to achieve.

"I absolutely refuse to accept this line of reasoning. And frankly, I get frustrated when I see lazy reporting on complicated issues. It is far easier to dream up a feud that doesn't exist than to research complex, far-reaching, industry-changing business concepts."

The chief executive also said that more than a few analysts are so focused on the short term that they fail to appreciate the fundamental, structural and economic changes occurring in the industry.

Fiorina's letter was made public in a document filed with the Securities and Exchange Commission.

The filing also said both Fiorina and Compaq Computer chief executive Michael Capellas withdrew from a bonus program that would have paid them $8m and $14.4m respectively.

Capellas would have received three times his annual salary plus annual bonus, while Fiorina would have received two times her yearly pay and bonus.

According to company officials, both executives wanted to avoid the appearance of potential conflicts of interest.

Fiorina also announced a bonus for each HP employee equal to two days salary, payable in December.