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To: Jim Patterson who wrote (52883)	7/21/1998 5:39:00 PM
From: USRX888	Read Replies (2) \| Respond to of 176387

HWP up in after hours............... HP issues earnings warning Computer maker blames int'l pressures for drop in sales, expects lower 3Q July 21, 1998: 5:05 p.m. ET NEW YORK (CNNfn) - Blaming economic pressure beyond its control, Hewlett-Packard Co. Tuesday told shareholders that third quarter earnings will likely fall below analysts' estimates. <Picture>The Palo Alto, Calif.-based computer and communications company said despite its successful cost-cutting efforts, earnings for the quarter ending July 31 are expected to come in below or flat with last year's results of 58 cents per share. <Picture>Analysts polled by First Call had expected the company to earn 63 cents a share for the period. Results will be posted Aug. 17. <Picture>"With two months' results in, it appears that our third-quarter performance won't match analysts' expectations," said HP Chairman Lewis Platt. "We've done a much better job of managing expenses this quarter. But expense management can't compensate fully for struggling economies in Asia-Pacific and new signs of economic uncertainty elsewhere." <Picture>Hewlett-Packard, a Dow component, said the struggling Asia-Pacific market has taken its toll on the sale or communications and semiconductor-test equipment. <Picture>"We can't control economic environments," Platt said. "But we are doing everything possible to stay close to our customers, drive down expense growth and continue to create the kinds of products and solutions that will benefit our customers and shareholders for the long term." <Picture>Separately, HP said it increased by $1 billion the authorization for its stock buyback program. It also announced new approval for a $2 billion repurchase of HP common stock. <Picture>HP's stock (HWP) rose 3-1/6 to 61-13/16 on the New York Stock Exchange. In after-hours trade