Hewlett-Packard Drops as Forecast Trails |
| San Francisco Chronicle - Feb 23, 2012 |
Hewlett-Packard Co. dropped the most in five months after the U.S. computer manufacturer's fiscal second-quarter profit forecast fell short of analysts' estimates as consumers curtailed personal-computer purchases.
The shares declined 6.3 percent to $27.13 at 9:41 a.m. in New York, the biggest intraday decrease since Sept. 22. Before today, the shares had jumped 12 percent this year, while the Standard & Poor's 500 Index increased 8 percent.
Profit before some items in the three months through April will be 88 cents to 91 cents a share, Hewlett-Packard said yesterday. That was less than the 95-cent average analyst estimate, according to data compiled by Bloomberg.
Sales in the personal-computer group dropped 15 percent to $8.87 billion in the three months ended in January as consumers held off on buying new machines in the first full quarter under Chief Executive Officer Meg Whitman. Revenue from servers, printers and storage gear also declined, suggesting Whitman's attempts to reverse a sales slump aren't yet taking hold.
Read Full Article from San Francisco Chronicle
- Posted: 2012-02-23 10:39:39
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