View the full HPQ chart at Wikinvest Hewlett-Packard gave the tech sector a bit of rare good news Tuesday morning with a pre-announcement that their fourth quarter results were going to exceed Wall Street expectations despite the bad economy.
HP said it expects earnings of 84 cents per share or $1.03 per share on an adjusted basis, on revenue of $33.6 million. Analysts had expected a profit of $1 per share, excluding items, on sales of $33.09 billion.
HP cited its global reach, diverse customer base and cost-cutting initiatives for its performance. The company is expected to release its Q4 results on Nov. 24.
HP was up 15% in pre-market trading, and on a day when the futures were pointing to a mixed open the tech sector seemed buoyed by the news: Apple, Dell, Intel, Microsoft and RIM were all up about 3% before the open.
Yahoo was was up about 12%, but that may be for an entirely different reason.
HP Shares Soar After Solid Q4 Outlook [AP]
HP Preliminary Results Beat, Shares Jump [Reuters]
