Much better than expected results from HP failed to inspire investors on Thursday, as stocks were battered on worries about rising interest rates and Mideast tensions.
HP itself ended the day down 1% despite results and guidance that beat Wall Street expectations. HP also announced that it had hired executive recruiting firm Russell Reynolds to search for a successor to ousted CEO Carly Fiorina.
Among the names floated for the top job at HP were Motorola CEO Ed Zander and former Compaq chief Michael Capellas, who is currently CEO of MCI. Inside the company, names cited include Ann Livermore, executive vice president of HP’s Technology Solutions Group, and Vyomesh Joshi, executive vice president of the Imaging and Personal Systems Group.
The broader market tumbled on concern about interest rate comments made by Fed Chairman Alan Greenspan and tensions in Syria and Iran.
The Nasdaq fell 26 to 2061, the S&P 500 lost 9 to 1200, and the Dow dropped 80 to 10,754. Volume rose to 1.58 billion shares on the NYSE, and 1.97 billion on the Nasdaq. Decliners led 22-11 on the NYSE, and 21-10 on the Nasdaq. Downside volume was 71% on the NYSE, and 81% on the Nasdaq. New highs-new lows were 297-16 on the NYSE, and 100-32 on the Nasdaq.
After the close, Qwest said it plans to submit another bid for MCI
. Salesforce.com
and Nvidia
beat estimates. Intuit
beat estimates but warned, and Priceline
beat estimates but offered mixed guidance.
During the day, Brocade , Broadwing
and Stamps.com
rose on better than expected results.
eCost tumbled 17% on its results.
SCO fell 5% on a Nasdaq delisting notice.
