HP will report its quarterly results after the close tomorrow, and investors don’t seem to be expecting much.
The company didn’t warn last week despite a prediction from Bank of America that it might do so, but rather than be encouraged by that, BofA said again on Monday that it expects a weak quarter and outlook from HP. The bank cut its estimates on HP to the very low end of Wall Street estimates.
BofA cut its expectations for HP’s April quarter from 35 cents a share to 34 cents a share, but said the stock should be okay as long as full-year guidance remains above $1.40 a share. Wall Street analysts are expecting earnings of 36 cents for the April quarter on revenues of $21.35 billion, and full-year earnings of $1.50.
Merrill Lynch also warned that HP may post a weak quarter, and said HP is unlikely to consider breaking up the company.
Applied Materials will also post quarterly results after the close on Tuesday, and all-important wholesale and consumer inflation data will be released before the market open on Tuesday and Wednesday. Home Depot
will report its results Tuesday morning.
Stocks posted strong gains Monday as investors shook off a weak New York State manufacturing report and fears of a hedge fund crisis to focus on falling oil prices.
The Nasdaq rose 17 to 1994, the S&P 500 climbed 11 to 1165, and the Dow jumped 112 to 10,252. Volume declined to 1.86 billion shares on the NYSE, and 1.44 billion on the Nasdaq. Advancers led 23-9 on the NYSE, and 18-12 on the Nasdaq. Upside volume was 72% on the NYSE, and 71% on the Nasdaq. New highs-new lows were 44-66 on the NYSE, and 38-100 on the Nasdaq.
iPayment soared on a buyout offer from its CEO.
Adobe rose 3% on an R.W. Baird upgrade.
Pacificnet surged 14% on its results.
PFSweb tumbled 17% on its report.
