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Hewlett-Packard Shares Fall on Lexmark's Warning

By Benjamin Pimentel Shares of Hewlett-Packard Co. (HPQ) fell more than 2% Friday, standing out in sharp contrast against a broad-based Wall Street rally. The shares traded down to $18.88 near midday, leaving H-P as the only Dow Jones Industrial Average component in the red. The Dow industrials added more than 170 points. H-P's weakness was apparently triggered by a warning from Lexmark International (LXK) which cut its second-quarter outlook late Thursday, said ISI Group analyst Brian Marshall. The printer maker cited business weakness in Europe as one of the factors behind the shortfall. That's bad news for H-P on two counts. It's already known that the Palo Alto, Calif., tech powerhouse's sizable exposure in Europe makes it vulnerable to economic problems dogging the region. Lexmark's warning also suggests problems for H-P in its own printer business. Once considered the Silicon Valley giant's crown jewel, H-P's printer business has struggled with slower growth. One reason is the overall decline in demand -- but there's also the growing sense that users simply aren't printing as much as they used to. H-P also took a hit as a result of a downbeat view from J.P. Morgan, which reaffirmed its underweight view on the blue-chip stock. "The company's revenue and earnings growth profiles stand to be under pressure in the near term, owing to company-specific issues, macroeconomic challenges, and the ill-effects of currency fluctuations," analyst Mark Moskowitz said in a note. On the other hand, RBC Capital's Amit Daryanani kept an outperforming rating on H-P, saying in a note, "While macro remains challenging, the company is focused on right-sizing its operations and moving up the value proposition with enterprise customers." -Write to Benjamin Pimentel at AskNewswires@dowjones.com

Stock News for Hewlett Packard (HPQ)
DateTimeHeadline
06/21/201617:50:00HP Raises Profit Outlook for Current Quarter
06/21/201617:35:00HP Raises Profit Outlook for Current Quarter
06/21/201616:09:33Current Report Filing (8-k)
06/20/201610:50:00Open Text to Buy HP Customer Communications Assets
06/20/201610:39:00Open Text to Buy HP Customer Communications Assets for $315 Million
06/20/201609:00:00OpenText Signs Definitive Agreement to Acquire Customer Communications...
06/20/201609:00:00OpenText Signs Definitive Agreement to Acquire Customer Communications...
06/03/201608:40:00McKesson Considers Separation of Information-Technology Unit
06/03/201606:02:53Quarterly Report (10-q)
06/02/201608:57:00China's New Tech Rules Make It Hard for U.S. Firms to Take Control
05/31/201619:03:28Statement of Changes in Beneficial Ownership (4)
05/30/201620:50:00Trial Set to Open in Legal Battle Pitting H-P, Oracle
05/26/201617:10:00Google Wins Java Copyright Case Against Oracle
05/26/201617:08:18Specialized Disclosure Report (sd)
05/26/201609:52:00U.S. Hot Stocks: Hot Stocks to Watch
05/25/201619:39:00HP Inc. Revenue Declines; Full-Year Guidance Cut--Update
05/25/201616:42:46Current Report Filing (8-k)
05/25/201616:40:00HP Inc. Revenue Declines; Full-Year Guidance Cut
05/25/201616:38:00HP Inc. Revenue Declines; Full-Year Guidance Cut
05/24/201617:00:00HP Enterprise to Spin Off, Merge Services Business

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