Citing the aftermath of the disasters in Japan and soft PC sales for its latest round of troubles, Hewlett-Packard Co. (HP) cut its fiscal 2011 (ending Oct. 31, 2011) earnings outlook to at least $5.00 per share from earlier guidance of $5.20 to $5.28. For the fiscal second quarter, HP reported earnings of $1.24 per share, $0.03 better than the Capital IQ mean estimate. The company released its results a day early after an internal memo written by CEO Leo Apotheker was leaked to the media, according to a Reuters report. In the memo, Apotheker warned that the next quarter would be "tough." Shares in HP plunged 7.5% to close at $36.80 on Tuesday. Year to date through Monday, the...
Companies mentioned in this report are:
- Arrow Electronics Inc.
- Harris Corp.
- Xerox Corp.
- Hewlett-Packard Co.
- Amphenol Corp.
- Corning Inc.
- Anixter Inc.
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