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HP rallies 14%, trouncing broader sell-off

HP rallies 14%, trouncing broader sell-off

HP continues to have a great year.

As markets around the globe remain steeped in red, one stock is bucking the trend: Hewlett-Packard (HPQ).

HP is riding the wave of Meg Whitman’s turnaround plan. The CEO said she’s “encouraged” by the results so far, but cautioned it will take some time.

The company reported earnings late Wednesday that topped notoriously low forecasts and issued an improved profit outlook. So, even though sales are still not quite up to par, investors are feeling pretty optimistic.

HP is still struggling in the mobile arena, which is dominated by Apple (AAPL) and Android maker Google (GOOG), but HP’s stock performance suggests investors are giving Whitman a big vote of confidence that she’s making all the right moves.

Shares of HP shot up more than 14% Thursday. The stock has been a stellar performer this year, rising more than 68% and making it one of the Dow’s best performers.

StockTwits traders sure liked what they were seeing.

chicagosean
Overhead: “Hewlett-Packard saved the market” $HPQ $QQQ Bullish

lamonicabuzz
Thanks, Meg! $HPQ may help to minimize some of the damage to the Dow this morning. HP still up nearly 13% pre-market on earnings.

That’s exactly what happened. HP was the only Dow component showing gains in early trading, which helped stem some of the bleeding. It also helped lift shares of fellow Dow techies IBM  (IBM) and Cisco (CSCO).

jamielissette
always surprises me when a $HPQ happens, mkt crushed and someone still NEEDS to own hpq up 13%

Interesting, and apparently, true. Even with U.S. stocks trying to claw back, the overall market is tucking in for a down day. But HP, which hasn’t always been a darling with investors (understatement), seems to have rejoined the popular crowd.

Not everyone was quite as optimistic though.

xtremezz
$HPQ No revs. growth & a very close eye on costs, endemic to this ER season. A 12% jump on hope or am I too harsh? http://stks.co/tDtq

I wouldn’t say you’re being too harsh. It’s tough to get excited when estimates are at rock bottom. However, I think investors also like hearing Whitman’s honesty about the turnaround plan. Add to that, the fairly upbeat outlook and it could be time to give HP another chance.

SanDiegoTrader
A Nikkei-like day awaits the market. $HPQ can’t keep up this pace. It’ll be sold off. I like $22.8 close (guesstimate) at best.

Well SanDiegoTrader, only time will tell.

 

[source:ccn]

HP

4 comments

  1. http://bizsupport1.austin.hewlett packard.com/bizsupport/TechSupport/Document.jsp?objectID=c03072429&lang=en&cc=us&taskId=135&contentType=SupportFAQ&prodSeriesId=5146296&prodTypeId=12454

    Its Hewlett packard TouchSmart 520-1032 Desktop Computer

    please i want some good and bad reasons for it before i purchase it

    it is 900$ (canadian)

    i wish to apply it watching movies, play games, perform some creating like illustrator, lightwave, etc.

  2. Sometimes in business having a guest reception where we use computer systems baked into the sign in disk. We are planning on improving to multi-touch screen all-in-one PC’s, but it is crucial for all of us to rotate the screen towards our visitors.

    Another solution might be a small-pc having a multi-touch screen connected that may do screen rotation.

    Any ideas and inputs are welcome.

  3. I want a necessity to exchange my old Hewlett packard Pavilion desktop and do not know which to obtain. Searching to obtain a Dell or Hewlett packard again. Any suggestions?

  4. My mother lately got me this Acer all-in-one touch screen computer from rentacenter. Can there be in whatever way I’m able to upgrade this? The computer monitor is big, however the max resoultion is 1366×768. Everything looks fine, (taskbar, browser home windows, msn, etc) but gaming home windows are often too large for that resolution. Even at 1024. I could not play Champions Online unless of course it had been at low configurations, as well as it was unplayable.

    Is this upgraded? Or possibly my mother might have that one exchanged for an additional desktop having a tower?

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