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January 4, 2013
13:00 EDTHPQHewlett-Packard calls WSJ article 'thoroughly misleading'
Hewlett-Packard (HPQ) issued a statement last night related to a Jan. 3, 2013, Wall Street Journal article, “Questioning Receivable Wisdom at H-P”, calling the story "thoroughly misleading." As part of its reply, HP noted that in FY12 the company generated $10.6B in operating cash flow and $7.5B in free cash flow and reduced its debt by $5.6B for the year, to a net debt position of $5.8B. HP added that the story's idea that the acceleration of cash via sold receivables added significantly to HP’s free cash flow generation is not accurate. HP said its receivables sales program has been in place since May 2011 and its impact on cash flow in FY12 was negligible, as previously noted in a 10K filing. In the WSJ article, author Rolfe Winkler wrote that sales of receivables are common at companies other than HP, but "for investors, they have cash-flow implications" as HP appears to be pulling more future cash flow forward via the practice. Winkler also contended that since the company does not disclose the discount at which it is selling receivables, investors can't tell how much future cash is being sacrificed and that "their growth is potentially worrisome." In early afternoon trading, shares of Hewlett-Packard fell 3c, or 0.17%, to $15.11.
News For HPQ From The Last 14 Days
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November 24, 2015
17:39 EDTHPQHP Inc. sees FY16 free cash flow $2.4B-$2.7B
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17:35 EDTHPQHP Inc. falls over 6% after reporting Q4 results, guidance
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17:20 EDTHPQHP Enterprise sees contribution to Hewlett-Packard EPS about $1.84
On a pro-forma basis, Hewlett Packard Enterprise (HPE) estimates its total contribution to Hewlett-Packard (HPQ) FY15 non-GAAP diluted net EPS was approximately $1.84, within the range provided at the Hewlett-Packard Company Securities Analyst Meeting in September. The unaudited pro forma Hewlett Packard Enterprise FY15 non-GAAP diluted net earnings per share information presented is based on its estimated contribution to Hewlett-Packard Company's FY15 non-GAAP diluted net EPS as adjusted to give effect to the separation transaction effective on November 1, 2015. The pro forma amounts do not necessarily reflect what the fiscal 2015 non-GAAP diluted net EPS of Hewlett Packard Enterprise would have been had the separation occurred on November 1, 2014. They also may not be useful in predicting the future financial condition and results of operations of the separate companies. The actual financial position and results of operations as reported in Hewlett Packard Enterprise's Annual Report on Form 10-K and other filings with the SEC may differ significantly from the pro forma amounts reflected herein due to a variety of factors. In FY15, Hewlett Packard Enterprise operated as part of Hewlett-Packard Company. Hewlett Packard Enterprise provided detailed information in its Registration Statement on Form 10 and additional information will be available in the first Form 10-K filing for Hewlett Packard Enterprise in December. Beginning in the first quarter of fiscal 2016, Hewlett Packard Enterprise will begin reporting detailed quarterly financial results.
16:28 EDTHPQHP Inc. Q4 Printing revenue was down 14%
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16:27 EDTHPQHP Inc. sees FY16 EPS $1.59-$1.69, consensus $1.71
16:24 EDTHPQHP Inc. Q4 Personal Systems revenue down 14%
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16:11 EDTHPQHP Inc. sees Q1 EPS 33c-38c, consensus 42c
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16:09 EDTHPQHP Inc. reports Q4 EPS 93c, consensus 96c
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15:38 EDTHPQOptions with increasing volume: SUNE HPQ TSM PMCS TSO EPI A DE CREE
15:23 EDTHPQNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include HP Enterprise (HPE), consensus 52c... Hewlett-Packard (HPQ), consensus 45c... Veeva (VEEV), consensus 11c... Guess (GES), consensus 11c... Caleres (CAL), consensus 78c... TiVo (TIVO), consensus 8c.
15:22 EDTHPQEarnings Watch: Analysts more bullish on HP Inc. than HP Enterprise
HP Inc. (HPQ) and HP Enterprise (HPE) are set to report fourth quarter earnings after the market close on Tuesday, November 24, with a joint conference call scheduled for 5:00 pm ET. On November 2, following its separation from HP, Hewlett Packard Enterprise debuted as a separately traded enterprise technology company with $53B in annual revenue. The call will feature HP Enterprise president and CEO Meg Whitman and CFO Tim Stonesifer as well as HP Inc. president and CEO Dion Weisler and CFO Cathie Lesjak. EXPECTATIONS: For HP Inc., analysts are looking for EPS of 45c on revenue of $12.86B, according to First Call. The consensus range for EPS is 39c-53c on revenue of $11.83B-$13.48B. For HP Enterprise, analysts are looking for EPS of 52c on revenue of $13.5B, according to First Call. The consensus range for EPS is 41c-61c on revenue of $13.04B-$13.81B. With its Q3 report, the combined company had expected combined Q4 EPS of 92c-98c. Also at that time, HP had narrowed its combined FY15 EPS forecast to $3.59-$3.65 from $3.53-$3.73. This compares to the current consensus estimate for the combined company of $3.63 per share. LAST QUARTER: On August 20, the combined HP reported Q3 EPS of 88c, topping the consensus estimate of 85c, on revenue of $25.3B, which missed a consensus estimate of $25.44B. HP said its Q3 personal systems revenue was down 13% from the prior year period, with total units down 11%, including Desktops units being down 20% and Notebooks units being down 3%. Enterprise Group revenue was up 2% year over year, with Industry Standard Servers revenue up 8%, Storage revenue down 2%, Business Critical Systems revenue down 21%, Networking revenue up 22% and Technology Services revenue down 9%. STREET RESEARCH: Among 33 analysts that cover HP Inc., 18 have Buy or equivalent ratings, 14 have Hold or equivalent ratings and one has a Sell or equivalent rating, according to Bloomberg data. Among 29 analysts that cover HP Enterprise, five have Buy or equivalent ratings, 23 have Hold or equivalent ratings and one has a Sell or equivalent rating, Bloomberg data shows. On November 3, Citi analyst Jim Suva downgraded HP Inc. to Neutral from Buy following the spin-out of HP Enterprise, the company's infrastructure business. Increasing competition may result in additional revenue and margin pressures and potential for increased investment, said Suva, who had a $14.50 price target on HP Inc. shares at the time of the note. On November 4, JPMorgan analyst Rod Hall downgraded HP Inc. to Neutral, citing the company's exposure to "structurally weak" end-markets following the spinoff of HP Enterprise. Hall would like to see data suggesting stabilization in PC demand before getting more constructive on the stock, he said, while setting a $14 target on the shares. That same day, Barclays analyst Mark Moskowitz upgraded HP Inc. to Equal Weight, saying the company's two main segments are "not disappearing" and can drive a "decent yield asset." He similarly set a $14 price target on HP Inc. shares. Moskowitz also started coverage of HP Enterprise with an Underweight rating, his firm's equivalent of a "sell." The company's revenue is at risk due to the cloud's impact on traditional IT, contends Moskowitz, who set a $13 price target on the stock. HP Enterprise could become more acquisitive, which could bring execution and cash flow risks, the analyst added. PRICE ACTION: Ahead of Tuesday's report, HP Inc. shares rose over 3.5% to $14.74, while HP Enterprise was nearly flat at $13.84.
14:09 EDTHPQHP Inc. technical notes ahead of results
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13:49 EDTHPQHewlett-Packard November weekly 14.5 straddle priced for 5.7% movement
Hewlett-Packard (HPQ) November weekly 14.5 straddle priced for 5.7% movement into Q4
11:01 EDTHPQHP Inc. volatility elevated into Q4 and outlook
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November 23, 2015
10:00 EDTHPQOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Abercrombie & Fitch (ANF) upgraded to Peer Perform from Underperform at Wolfe Research... Constellation Brands (STZ) upgraded to Outperform from Market Perform at Cowen... Dick's Sporting (DKS) upgraded to Buy from Hold at Canaccord... Encana (ECA) upgraded to Buy from Hold at Evercore ISI... Genomic Health (GHDX) upgraded to Buy from Neutral at UBS... HP Inc. (HPQ) upgraded to Buy from Hold at Maxim... Heritage Commerce (HTBK) upgraded to Buy from Hold at Sandler O'Neill... James River Group (JRVR) upgraded on improved outlook at BMO Capital... Kellogg (K) upgraded to Outperform from Neutral at Credit Suisse... KeyCorp (KEY) upgraded to Buy from Hold at Jefferies... Och-Ziff Capital (OZM) upgraded to Outperform from Market Perform at Keefe Bruyette... PBF Energy (PBF) upgraded to Buy from Neutral at Goldman... Panera Bread (PNRA) upgraded to Buy from Hold at Maxim... Parkway Properties (PKY) upgraded to Buy from Neutral at Mizuho... PepsiCo (PEP) upgraded to Neutral from Reduce at Nomura... Sanchez Energy (SN) upgraded to Buy from Accumulate at KLR Group... Sonoco (SON) upgraded to Outperform from Neutral at Macquarie... Synchrony (SYF) upgraded to Buy from Neutral at Sterne Agee CRT... Telecom Argentina (TEO) upgraded to Neutral from Sell at Goldman... Teva (TEVA) upgraded to Buy from Neutral at Goldman... TransAlta (TAC) upgraded to Sector Perform from Underperform at RBC Capital... Universal Insurance (UVE) upgraded to Outperform at Keefe Bruyette... Willis Group (WSH) upgraded to Hold from Sell at Deutsche Bank... YPF (YPF) upgraded to Buy from Neutral at Goldman.
08:58 EDTHPQHP Inc. upgraded to Buy, price target raised to $17 at Maxim
As reported previously, Maxim analyst Nehal Chokshi upgraded HP Inc. to Buy from Hold, saying there is room for HP to raise its rate of free cash flow return to about 90% from between 50%-75% now. The analyst also sees potential for HP printing supplies to experience a temporary break amid a secular decline, chances for HP to successfully penetrate the multi-function copier market, and for its PC operating margins to expand. Chokshi raised his price target on HP shares to $17 from $14.50.
08:22 EDTHPQHP Inc. volatility elevated into Q4 and outlook
HP Inc. November weekly call option implied volatility is at 52, December is at 34, January is at 31 compared to its 2-week range of 18 to 41, suggesting large near term price movement into the expected release of Q4 results on November 24.
07:27 EDTHPQHP Inc. upgraded to Buy from Hold at Maxim
06:09 EDTHPQHP Inc. adds Titan to Engineered by HP Program
HP Inc. announced the expansion of its Engineered by HP program, collaborating with the world's fifth largest watchmaker, Titan, to infuse technology seamlessly into the way consumers live, providing them with smart accessories that are productive and responsive, but not intrusive.
November 19, 2015
09:00 EDTHPQAerohive sell-off unwarranted, says JMP Securities
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