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
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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
- May 18 Wed 2011 03:43
s the right thing to do given the circumstances,” CEO Leo Apot ng.
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