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News > Technology
HP stock under pressure
August 17, 1999: 11:27 a.m. ET

Investors retreat from computer maker after earnings results
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NEW YORK (CNNfn) - Hewlett-Packard Co. shares slid nearly 5 percent Tuesday morning as investors backed away from Monday's anticipatory run-up to the computer maker's strong fiscal third-quarter earnings.
     Hewlett-Packard stock dropped 5-5/16 to 104-15/16 in mid-morning trading.
     Investors locked in gains after HP late Monday reported a 37 percent increase in operating income from the prior year, according to Art Russell, technology analyst at Edward Jones. In anticipation of the report, the stock rose more than $8 a share in Monday trading.
     Before one-time charges, HP earned $853 million, or 85 cents per diluted share, beating Wall Street estimates of earnings of 80 cents per share.
    

     In addition to the gain-taking, analysts also said the company's 11 percent revenue growth had come in a bit weaker than some had forecast.
     In addition, Hewlett-Packard (HWP) expects to incur about $160 million in costs related to the division of its company into two publicly traded firms -- a measurement and test company and a computing and imaging company. Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.