Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: Night Writer who wrote (70421)	10/27/1999 9:21:00 PM
From: Captain Jack	Respond to of 97611

I hope this is ignored.. SAN JOSE, Calif., Oct 27, 1999 (AP Online via COMTEX) -- Hewlett-Packard Co.'s stock fell sharply Wednesday after it told analysts it was uncomfortable with current estimates for fourth-quarter earnings, prompting several to sharply reduce their expectations. Hewlett-Packard fell $6.25 to $70.37 1/2 a share and was the third biggest declining issue on the New York Stock Exchange. In after hours trading, the shares fell to $67. Company chief executive Carly Fiorina in early October warned the massive 7.6 magnitude earthquake last month in Taiwan would affect sales and result in earnings at the low end of expectations, prompting Wall Street at the time to lower its earnings and revenue estimates. But in calls made to analysts this week, company executives said even those lowered expectations were too high. Hewlett-Packard did not make a formal announcement of its earnings expectations for the fiscal quarter that ends Oct. 31, and a spokesman did not immediately return phone calls seeking comment. But Merrill Lynch analyst Steve Milunovich said Wednesday in a daily report that 'HP appears less comfortable with analyst estimates for (the fourth-quarter), based on our conversations with the company.' The company blamed its problems on weaker-than-expected sales of its Unix servers line, a problem that also is likely to affect sales of storage devices. The company just weeks ago announced it was realigning its servers sales force to make them more accountable for shortfalls. Milunovich slashed the company's per share earnings prospects by 5 cents, to 73 cents a share. He cut the company's prospects for revenue growth to 6 percent, or $10.8 billion, from its earlier projection of 10 percent growth, or $11.3 billion, in the quarter.