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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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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.