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News Breaks
November 20, 2012
11:34 EDTHPQFormer HP CEO says due diligence of Autonomy was 'meticulous,' WSJ reports
Leo Apotheker, the former CEO of Hewlett-Packard (HPQ) who orchestrated the company's acquisition of Autonomy, says he was "stunned and disappointed" to learn of the alleged accounting improprieties, reports the Wall Street Journal. Apotheker says in a statement that "Looking back on the acquisition, which closed in Sept. 2011, the due diligence process was meticulous and thorough. According to HP, the accounting issues it discovered pre-date its acquisition of Autonomy...Itís apparent that Autonomyís alleged accounting misrepresentations misled a number of people over time Ė not just HPís leadership team, auditors and directors. In fact, the alleged improprieties apparently came to light only after an internal whistleblower raised the issue in the spring, well after my departure." Reference Link
News For HPQ From The Last 14 Days
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February 25, 2015
06:37 EDTHPQHP hints at additional layoffs following completion of 2012 restruturing plan
On its Q1 earnings conference call, Hewlett Packard said it is nearing the completion of its 2012 restructuring plan. Says about 2,800 people exited the company in Q1, making the total reduction to date approximately 44,000. The company said it is on track to complete the existing program, with a total of 55,000 people expected to exit by end of FY15. However, the company said it "anticipates incremental opportunities for operational improvements identified through the separation process."
06:27 EDTHPQHP pullback brings attractive entry point, says Citigroup
Citigroup says HP's entire 8% earnings guidance reduction was due to currency moves and that most of the $3B free cash flow reduction was a result of one-time separation-related costs. Citi believes most of HP's operating segments "continue to perform well or at least make progress." The firm views the near-term pull back in shares as an attractive entry point for those looking to own the stock for the break-up. It dropped its price target for HP shares to $45 from $46 and keeps a Buy rating on the name. Shares of the computer maker traded down 7%, or $2.70, to $35.79 in after-hours trading last night after the company reported Q1 results.
February 24, 2015
18:15 EDTHPQOn The Fly: After Hours Movers
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17:45 EDTHPQHP lowers FY15 free cash flow view to $3.5B-$4B from prior view $6.5B-$7B
17:35 EDTHPQHP trades lower in after hours, now down almost 8%
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17:34 EDTHPQHP sees FY15 free cash flow $3.5B-$4B
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16:11 EDTHPQHP lower by over 4% after reporting Q1 results, guidance
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16:10 EDTHPQHP personal systems revenue for Q1 was flat
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16:08 EDTHPQHP sees Q2 EPS 84c-88cc, consensus 96c
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16:08 EDTHPQHP lowers FY15 EPS view to $3.53-$3.73 from $3.83.-$4.03, consensus $3.95
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16:06 EDTHPQHP reports Q1 EPS 92c, consensus 91c
Reports Q1 revenue $26.8B, consensus $27.34B.
15:21 EDTHPQNotable companies reporting after market close
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13:46 EDTHPQHP technical notes before results
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13:35 EDTHPQHP February weekly 38 straddle priced for 4.6% movement into Q1
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12:47 EDTHPQEarnings Preview: HP reports with break-up inching closer
Hewlett-Packard (HPQ) is set to report first quarter earnings after the market close on Tuesday, February 24, with a conference call scheduled for 5:00 pm ET. Hewlett-Packard is an IT company that provides hardware, software, and business and enterprise solutions. In October of last year, HP announced plans to separate into two new publicly traded companies: one comprising HP's enterprise technology infrastructure, software and services businesses, which will do business as Hewlett-Packard Enterprise, and one that will comprise HP's personal systems and printing businesses, which will do business as HP Inc. EXPECTATIONS: Analysts are looking for earnings per share of 91c on revenue of $27.34B, according to First Call. The consensus range for EPS is 88c-95c on revenue of $27.01B-$27.92B. With its last earnings report, the company said it expects Q1 EPS of 89c-93c. HP has an FY15 EPS forecast of $3.83-$4.03, compared to a consensus estimate of $3.96. LAST QUARTER: On November 25, HP reported fourth quarter EPS of $1.06, matching the consensus estimate, on revenue of $28.4B, against a consensus estimate of $28.76B. HP said its Q4 personal systems revenue was up 4% from the prior year period, with total units up 5%, including Desktops units being down 2% and Notebooks units being up 8%. Enterprise Group revenue was down 4% year over year, with Industry Standard Servers revenue down 2%, Storage revenue down 8%, Business Critical Systems revenue down 29%, Networking revenue up 2% and Technology Services revenue down 3%. NEWS: On the day after HP's Q4 report, HP CEO Meg Whitman said in an interview on CNBC that the company will have a moratorium on acquisitions during 2015 as it readies for its split. Whitman also noted that the newly formed companies will have a supply chain agreement to ensure they do not lose leverage after their split. In mid January, research firm Gartner estimated that worldwide shipments of PCs increased 1% last quarter. "These results indicate a slow, but consistent improvement following more than two years of decline," the firm wrote. Late last month, HP said it has been "working diligently to ensure that both HP Inc. and Hewlett-Packard Enterprise are set up for success" and announced Hewlett-Packard Enterprise will be headed by Meg Whitman as President and CEO and that HP Inc. will be led by Dion Weisler as President and CEO. STREET RESEARCH: On December 17, Citigroup analyst Jim Suva contended that sales of PCs will be at least flat next year, before growing slightly in 2016 and 2017. The firm identified HP as the best way to play better than expected PC sales. Suva raised his price target on HP shares to $46 from $40 and kept a Buy rating on the stock. Also at that time, Suva raised his price target on hard disk drive maker Western Digital (WDX) to $125 from $110 and on its competitor, Seagate (STX), to $74 from $70, as he noted that the companies obtain about 50% of their revenue from PCs. He kept Buy ratings on both names. On January 13, Pacific Crest downgraded HP to Sector Perform from Outperform, citing increased competition and the fact that a number of companies are buying integrated IT stacks and buying fewer individual servers and IT storage products. More recently, Wells Fargo said it believes that HP's Q1 results could exceed the consensus outlook, driven by PC share gains, strong server demand, and solid printing demand. The firm believes that currency issues may pressure the company's outlook, but it thinks that investors expect such a scenario. The firm reiterated an Outperform rating on the shares. PRICE ACTION: Over the last three months, shares of HP are up almost 2%. Near midday ahead of Tuesday's report, the stock was down fractionally near $38 per share.
06:54 EDTHPQTwo reshuffles in HP's cloud computing unit, Gigaom says
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06:36 EDTHPQHP obtains ten year outsourcing deal from Deutsche Bank, Reuters reports
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February 23, 2015
08:55 EDTHPQHP volatility elevated into Q1 and outlook
HP February weekly call option implied volatility is at 61, March is 30, April is at 28, August is at 27; compared to its 26-week average of 27 according to Track Data, suggesting large near term price movement into the expected release of Q1 results on February 24.
07:40 EDTHPQHP Q1 results could beat expectations, says Wells Fargo
Wells Fargo believes that HP's Q1 results could exceed the consensus outlook, driven by PC share gains, strong server demand, and solid printing demand The firm believes that currency issues may pressure the company's outlook, but it thinks that ivnestors expect such a scenario. The firm reiterates an Outperform rating on the shares.
February 20, 2015
07:27 EDTHPQHP volatility elevated into Q1 and growth outlook
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