HP Tops Estimates

By Paul Shread | November 21, 2002
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HP capped a strong day in the stock market on Wednesday by announcing better than expected results after the close.

The Nasdaq surged 44 to 1419, the S&P 500 rose 17 to 914, and the Dow climbed 148 to 8623. Volume rose to 1.51 billion shares on the NYSE, and 1.77 billion on the Nasdaq. Advancers led 22 to 10 on the NYSE, and 22 to 10 on the Nasdaq. Upside volume was 75% on the NYSE, and 87% on the Nasdaq. New highs-new lows were 25-41 on the NYSE, and 51-46 on the Nasdaq.

After the close, HP surged 10% after beating estimates and reaffirming guidance, but the company said it doesn't see improvement in IT spending. The company will provide more detailed guidance at its Dec. 3-4 analyst meeting.

During the day, a Soundview upgrade of the chip equipment sector led to 5-8% gains in Applied Materials , KLA-Tencor and Novellus .

IBM , up 4%, announced that it is shifting $1 billion to services R&D.

SanDisk surged 14% to a new 52-week high.

FreeMarkets rose 7.5% after receiving one of the few positive mentions in a critical B2B report.

Microsoft , up 3.3%, issued a 'critical' security bulletin just a day after it said it would limit the use of such warnings. The company also continues to think outside the box.

Puma soared 87% on a deal with MSN.

Inktomi soared 38% after it unveiled Web search upgrades.

Riverstone gained 19% on a deal with Shanxi Cable.

EMC gained 4% on a deal with Raytheon.

Portal Software fell 6% after beating estimates, while Analog Devices gained 6% after matching estimates.

EchoStar edged higher on a positive FCC ruling.

Salon.com fell 20% after it tinkered with its business model.

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