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Technology Stocks : Dell Technologies Inc. -- Ignore unavailable to you. Want to Upgrade?

To: jim kelley who wrote (152241)	1/26/2000 9:03:00 PM
From: Elwood P. Dowd	Respond to of 176387

Hewlett Packard Says Q1, Fiscal 2000 on Track PALO ALTO, Calif. (Reuters) - Computing giant Hewlett-Packard Co. (NYSE:HWP - news) said on Wednesday that revenue and earnings growth for its fiscal first quarter and full year were on track as home computer and laptop sales remained robust. Hewlett-Packard made the statement not long after Dell Computer Corp. (NasdaqNM:DELL - news), the world's No. 2 PC maker, warned that its revenue and earnings would fall short of expectations for the second consecutive quarter, amid parts shortages and a sales slowdown tied to year 2000 fears. Hewlett-Packard Chief Financial Officer Robert Wayman said in a statement that revenues and profits at the Palo Alto, Calif.-based company were expected to grow by 12 percent to 15 percent in fiscal 2000. ''Our revenue growth is strong. In view of recent announcements by some of our competitors, we felt it was appropriate to reaffirm revenue and earnings growth guidance in the 12 to 15 percent range for the full year,'' Wayman said. ''Our first quarter is in good shape,'' Wayman said, adding that the personal computer business was ''on track'', with particularly strong sales of home and laptop computers. ''Our imaging and printing business is also generating strong growth,'' Wayman said but gave no further details. The company is set to report first quarter financial results on Feb. 16. The company is expected to post a profit of 77 cents a share for its first quarter when it reports financial results on Feb. 16, according to consensus analyst estimates compiled by First Call/Thomson Financial. Wall Street is also looking for Hewlett-Packard to turn a per share profit of $3.36 for the year, or 12 percent higher than 1999's $2.99. Shares in Hewlett-Packard fell 4-3/16, or nearly 4 percent, to 108-3/4 in trading on the New York Stock Exchange on Wednesday. The announcement was made after the close of U.S. markets. Dell, based in Round Rock, Texas, said it expected revenues of about $6.7 billion for its fourth quarter ended Jan. 28, up about 30 percent from a year earlier but well below its prior year growth rate in the high 30 percent range and historic rate of above 50 percent. Dell said the parts shortage had caused $300 million in lost sales while Y2K fears had cost it another $500 million decline in revenues. Other PC makers have reported a tough fourth quarter for similar reasons. Compaq Computer Corp. (NYSE:CPQ - news), which ships more PCs than any other company, on Tuesday said fourth quarter profits tumbled by 56 percent as revenues slipped by 4 percent. Gateway Inc. (NYSE:GTW - news), the No. 2 direct seller of PCs behind Dell, also saw fourth quarter profits dip slightly. It also blamed parts shortages and a slowdown of business purchases linked to Y2K concerns. Printer-friendly format