HP Fourth Quarter Post Causes Stocks to Dive

Thursday, Feb 19, 2009  |  Updated 10:30 AM PDT
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HP Fourth Quarter Post Causes Stocks to Dive

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Shares of Palo Alto-based Hewlett-Packard Co. are trading sharply lower after the company posted disappointing fourth-quarter sales. After the markets closed yesterday the computer and printer maker reported its profits dropped 13 percent for the first quarter. HP says belt-tightening by IT departments was being felt across nearly all of its businesses. At last check, shares of Hewlett-Packard were down about seven percent in active trading.

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Shares of Palo Alto-based Hewlett-Packard Co. are trading sharply lower after the company posted disappointing fourth-quarter sales.

After the markets closed yesterday the computer and printer maker reported its profits dropped 13 percent for the first quarter.

HP says belt-tightening by IT departments was being felt across nearly all of its businesses.

At last check, shares of Hewlett-Packard were down about seven percent in active trading.
 

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