own by $3.15 to $36.65 by late Tuesday afternoon. The shares had dropped more than 17% since the company’s last earnings report in mid-February when it first warned of a slowdown in its PC and services businesses. They dropped further in after-hours trades on Monday after Bloomberg reported the leaked memo. 


“We felt announcing early was the right thing to do given the circumstances,” CEO Leo Apotheker said on a conference call Tuesday13038 11231 2983 15571 943 13747 13407 203 963 14185 13847 18123 17344 3662 3562 11500 11191 16129 853 13607 813 18213 1113 12978 18193 19289 8588 2863 17624 8108 8838 5800 9897 11041 14833 17004 2783 10185 8688 17874 8308 183 1043 7738 19368 1583 3173 12139 15222 14773 16924 13657 19478 983 18939 19249 7848 2063 9817 15671 563 3542 15739 12738 2133 10853 4942 1283 12568 13178 3063 9667 12349 13976 10345 16826 18043 10215 18232 6490 4822 6050 2513 18222 10205 13497 2403 13966 1273 7300 17334 19318 1603 3782 1303 6880 10046 17774 16637 18252 1093 13737 7290 17274 5211 14454 10693 1293 4742 893 12668 653 12299 8638 6950 11750 16119 1323 18690 8608 16388 4432 9068 1893 12149 14653 2803 16269 10095 6940 16359 7459 5820 4842 8678 8978 5880 7669 6830 9577 13138 16049 5311 17174 18570 16059 13777 4622 12838 13527 5700 10473 17384 14314 16855 5670 14584 18979 15661 13078 1653 6270 5141 6430 6700 15929 11021 643 6890 6140 16806 15471 4152 13098 19089 9517 11630 423 15631 6250 16369 6340 7060 17184 19069 6630 4682 9098 9387 2813 16229 7888 4722 8648 11131 9457 1013 143 4752 7040 10703 18700 17564 6740 18650 9627 12249 7659 2123 16239 3313 2353 11101 14394 6070 3203 9048 14344 13917 7429 753 13727 7020 8168 493 5620 3502 6990 17404 15072 18103 6590 7030 8488 7370 18969 5850 7858 8268 4182 5950 63 11380 17154 9737 8468 9707 2013 9417 12039 8358 18829 9557 14036 15989 9258 8118 2223 11350 18310 4122 1533 10763 19408 6060 1833 17054 9008 5122 16587 15422 1553 16894 19119 15272 3892 17614 12918 18340 17674 8388 6500 8098 12588 15062 11930 3053 18500 18003 10016 833 19259 14145 18600 1423 10076 3422 1153 17164 5530 13757 3163 3672 14873 5132 12219 11950 3912 16687 11330 18400 9377 13198 15372 2773 10543 1183 4922 9587 17594 8598 233 1663 17944 10493 13797 4172 7699 1253 15969 13996 14992 9607 19239 1443 9218 16209 8058 12988 8718 5600 19398 9238 2193 7469 4372 16627 9847 673 11181 5990 15759 9687 14195 15581 15680 6010 5790 11960 14324 19378 4572 8378 16398 5072 14364 12998 7210 15092 2463 8078 8738 5161 6360 1813 12468 13827 1173 14982 17324 6210 11460 13717 2573 11920 16577 13557 2743 10245 9977 7948 3572 2043 14056 17204 3432 6670 11810 9927 5341 3732 16219 5002 3472 4002 7380 14474 5860 10066 12868 2183 8178 6780 4992 16727 5630 1703 8668 5960 4072 13417 1973 18670 3872 2563 10793 9188 3223 8338 11450 3882 5460 10843 10036 16089 303 1223 8398 18889 14006 15431 5082 14294 7838 5830 7898 14494 10933 12399 2833 15202 18859 17504 2383 18480 2453 14893 2703 12359 17964 10553 10623 7160 12319 11890 2973 623 4872 1903 9437 2283 7569 273 13148 15392 16487 15212 5560 14404 4672 8828 16299 243 8798 12448 7908 9567 17304 8188 12129 17854 7629 2963 16289 15869 17714 15292 2943 13168 513 8128 9168 18053 9986 16994 16667 8788 12878 1783 4882 12239 11980 12069 17234 2003 10823 15182 19468 12708 morning. 

 
At least two brokers downgraded H-P shares following the results on Tuesday. ISI Group cut its rating to hold, while Collins Stewart downgraded the shares to neutral. 


“We don’t like lowering our rating 12 months into a major share price decline, partly due to market conditions, partly due to operational execution, but we see the issues lingering for a few more quarters at best and don’t expect a near-term rebound in the shares,” Louis Miscioscia of Collins Stewart wrote in a note to

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