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To: reaper who wrote (74302)	5/22/2003 10:08:36 AM
From: Paul Shread	Respond to of 209892

reaper, I guess that's why it's a "C" and not a "3." -g Agree I should have said revenues instead of earnings. On volume growth (important as you point out), the only area they reported that for was Printing and Imaging, which was their strongest area, of course (look out for Mikey, Carly <g>): "year-over-year growth of 142% in all-in-one shipments and 22% in total inkjet shipments, and a 46% jump in digital camera shipments year over year." Revenue was up 13% yoy in that division; pricing pressure? With the Euro up 22% yoy vs. the greenback (again, a three-month average of the 2002 and 2003 quarters), and 40% of HP's revs coming from Europe, I suspect the quarter was even worse than I calculated. That said, I'm long for the pre-holiday rally. I'll return my stock to its rightful owner tomorrow. -g