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TECH STOCKS: H-P Kicks Off Whitman Era With Share Drop

By Benjamin Pimentel, MarketWatch SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. began a new era under a new chief executive by watching its shares fall Friday as analysts focused on the enormous challenges faced by CEO Meg Whitman. H-P (HPQ) sank 2.1% to close at $22.32 a day after Whitman was named to replace Leo Apotheker, a change that drew mixed reviews from analysts, some of whom wondered if the former eBay CEO was a good fit for the tech giant in its push to become a bigger player in corporate IT. H-P was one of the top decliners on the Dow Jones Industrial Average (DJI) which was up 38 points. "While we believe Meg has proven to be a very capable manager leading eBay from a start-up into a household name and one of the largest internet companies, there will be plenty of scrutiny given her lack of experience in the enterprise business," Sterne Agee analyst Shaw Wu said in a note. Brean Murray analyst Ananda Baruah echoed this view, saying in a note, "We must admit we were underwhelmed at first blush with the appointment of Meg Whitman as permanent CEO replacement of Leo Apotheker given that she's not 'cut from an enterprise or hardware cloth.'" Also in the red were shares of Cavium Networks (CAVM) which sank 7.2% to close at $28.95 after the company cut its revenue outlook. But the Nasdaq Composite Index (RIXF) recovered from a wobbly start to rise 1.1% to close at 2,483. But the benchmark ended the week down 5.3%. The Morgan Stanley High Tech 35 Index (MSH) added 1.2%, while the Philadelphia Semiconductor Index (SOX) moved up 2%. The sector got a lift from gains in shares of Cisco Systems (CSCO) , which traded up 1.8% to close at $15.61, Dell Inc (DELL) which moved up 2.9% to close at $14.40 and Texas Instruments (TXN) which gained 3.8% to close at $27.22.

Stock News for Cavium Networks (CAVM)
DateTimeHeadline
07/27/201606:07:41Registration Statement for Securities to Be Issued in Business...
07/26/201617:14:13Statement of Changes in Beneficial Ownership (4)
07/26/201617:12:03Statement of Changes in Beneficial Ownership (4)
07/26/201617:10:18Initial Statement of Beneficial Ownership (3)
07/26/201617:07:17Initial Statement of Beneficial Ownership (3)
07/26/201617:05:08Initial Statement of Beneficial Ownership (3)
07/26/201616:32:50Current Report Filing (8-k)
07/26/201616:15:00Cavium Names Raghib Hussain Chief Operating Officer
07/26/201616:15:00Cavium Adds Industry Veterans Brad W. Buss and Dr. Edward H...
07/26/201616:07:07Current Report Filing (8-k)
07/26/201616:05:00Cavium Announces Financial Results for Q2 2016
07/19/201613:19:00GIGABYTE and Cavium Announce Official Release of Production-Ready...
07/13/201616:49:00Cavium, Inc. Commences Exchange Offer to Acquire QLogic Corporation
07/13/201616:12:47Securities Registration: Business Combination (s-4)
07/05/201611:20:00Cavium Schedules Q2 2016 Financial Results Conference Call
06/21/201602:05:00Sugon Announces ThunderX® Blades for Galaxias SDC1000 High Density...
06/21/201602:00:00Cavium Adds Microsemi's Storage Solutions to ThunderX® Processor...
06/20/201614:17:00INVESTOR ALERT: Levi & Korsinsky, Notifies Shareholders of QLogic...
06/20/201602:00:00Cavium and Partners to Demonstrate ThunderX Servers at ISC 2016
06/17/201616:41:52Statement of Changes in Beneficial Ownership (4)

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