Strong results and positive comments from analysts weren’t enough for HP , which declined 3% Friday on its earnings report.
HP beat and raised revenue estimates, but in-line earnings of 35 cents were all investors needed to take profits.
About the only negatives in the report were lackluster printer sales – a concern because of Dell’s entry into the space – and a decline in service margins.
The broader market fell on a larger than expected rise in the consumer price index – a rare sign of inflation – and concerns about terrorism in Japan.
The Nasdaq lost 8 to 2037, the S&P 500 slipped 2 to 1144, and the Dow fell 45 to 10,619. Volume declined to 1.47 billion shares on the NYSE, and 1.92 billion on the Nasdaq. Decliners led 22-11 on the NYSE, and 19-11 on the Nasdaq. Downside volume was 73% on the NYSE, and 63% on the Nasdaq. New highs-new lows were 98-7 on the NYSE, and 89-14 on the Nasdaq.
BEA gained 8% after beating estimates, and Blue Coat Systems
surged 21% on its earnings.
Serena declined 3% on its results, while Wireless Facilities
plunged 15% on a warning.
Dell edged higher on an aggressive enterprise strategy.
Earthlink gained 1% on broadband plans.
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