August 13, 2004

HP not printing dollar signs at Q3 pre-announcement

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.
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