HP Tops Estimates

Hewlett-Packard beat earnings and revenue estimates after the close on Wednesday.

Earnings of 36 cents a share beat estimates by a penny, and revenues of $19.85 billion came in well ahead of $19.04 billion forecasts.

For next quarter, HP reaffirmed guidance of 35 cents a share, and revenue guidance of $19.1-19.5 billion compared favorably to $19.1 billion estimates.

Every division reported a profit, with the Enterprise Systems division returning to profitability after a loss last quarter.

HP rose 3% after hours on the news after climbing 3% during the day ahead of the report. HP also announced plans to enter the copier business.

Also after the close, OmniVision beat estimates and raised guidance. Intuit beat estimates and reaffirmed guidance, and Marvell fell despite better than expected results and in-line guidance.

Stocks rebounded during the day after GE reaffirmed guidance and housing starts came in better than expected.

The Nasdaq recouped 17 to 1899, the S&P 500 rose 8 to 1042, and the Dow climbed 66 to 9690. Volume rose to 1.32 billion shares on the NYSE, but declined to 1.8 billion on the Nasdaq. Advancers led 18-12 on the NYSE, and 19-13 on the Nasdaq. Upside volume was 64% on the NYSE, and 63% on the Nasdaq. New highs-new lows were 139-11 on the NYSE, and 120-29 on the Nasdaq.

Network Appliance plunged 9% despite better than expected results.

Analog Devices rose 4% on its results, and Qwest gained 9% on its report. Motorola climbed 4% after reaffirming guidance.

DoubleClick and CNET surged on Salomon Smith Barney upgrades.

Pivotal fell 5% after rejecting a takeover offer by China.com .

SoundView surged 16% on news that it will be acquired by Schwab .

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