Author: Melanie Hollands
Hewlett-Packard Co. surprised the market and pre-announced, negatively, its third fiscal quarter (ending July 31) 2004 results Thursday. The stock traded down hard on heavy volume of 58 million shares on the New York Stock Exchange (see Chart 1 below). It tumbled from its Wednesday night close of $19.25 to an intra-day trading low of $16.08 — down almost 17 percent (more than $3). Thursday’s drop set a 52-week low for HPQ, which is also now close to its two-year low (on April 17, 2003) of $15.30.http://www.itmanagersjournal.com/article.pl?sid=04/08/12/2310236
