Hewlett-Packard (HPQ) Message Board

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Technology Stocks : Hewlett-Packard (HPQ)

HPQ 25.18

-2.7%

10:42 AM EST

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To: PCSS who wrote (1728)	8/28/2002 7:43:37 AM
From: PCSS	Read Replies (1) of 4345

G-S 'take' on HPQ in this am's ALERT: HPQ: Qtr Not As Bad As Expected But Still A Ways to Go EPS (FY Oct): 2002E US$0.78, 2003E US$1.20 - Market Outperformer HP's first reported quarter as a merged company was roughly in-line with expectations, with revenues of $16.5 billion a bit light but better cost controls driving EPS of $0.14, one penny above our estimate. Printers were once again the standout category, by an even greater margin than past quarters, contributing 28% of total revenues and close to 200% of segment operating income. In contrast, enterprise computing and personal systems posted larger than expected losses as revenues fell 22% and 19% YoY respectively, reflecting both merger related revenue losses and the weak IT spending environment. We believe valuation is attractive, with the stock trading below its pre-bubble range and its peers, but until improvements in struggling businesses materialize, we see few catalysts for the stock.

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