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HP Stock Down 5% After Hours On Word Of Bearish Internal Memo
Hewlett-Packard has changed its Q2 earnings report to tomorrow morning (Tuesday, May 17) at 7:30 am ET.
Previously, the company had planned to announce earnings after market close on Wednesday, May 18.
However, earlier today Bloomberg published bits of of a May 4 memo from HP CEO Leo Apotheker to top lieutenants where he warned that the company was facing “another” tough quarter and urged all groups to “watch every penny and minimize all hiring.”
The stock dropped more than 4% after hours on word of the memo.
Apotheker’s memo was warning about the current period — HP’s Q3 — rather than the quarter that ended April 30. But use of the word “another” suggests that Q2 won’t be so hot either.
HP spokespeople would not comment on the memo or the change.
Article source: SAI http://feedproxy.google.com/~r/typepad/alleyinsider/silicon_alley_insider/~3/9GAFPxvmRys/hp-moves-earnings-report-forward-as-leaked-memo-blasts-stock-2011-5