NEW YORK -- Hewlett-Packard (HPQ) shares took a hit Wednesday after CEO Meg Whitman told analysts that the tech giant would "continue to see a broad-based profit decline across business units in 2013."
Whitman said 2013 is a "is a fix and rebuild year" for HP, and that it's on track to complete its restructuring by the end of fiscal 2014. By 2016, Whitman said she expects to see the company's revenue growing in line with GDP and operating profit growing faster than revenue.
Shares of HP fell 13% to $14.91 by the close of Wednesday's trading session. The stock is down more than 42% so far in 2012.
HP CEO Touts Turnaround Plan; Shares Plunge on Outlook
Costco Wholesale (COST) said Thursday that same-store sales in September rose 6%. Total sales jumped 8% to $9.31 billion. Other retailers, including Target (TGT), Kohl's (KSS), TJX (TJX) and Macy's (M), are expected to issue monthly sales reports Thursday.
Applied Materials (AMAT) said it plans to cut its global work force by 900 to 1,300 positions, or 6% to 9%, as part of its restructuring program. The chipmaker said it expects to record related charges of $180 million to $230 million.
Marriott International (MAR), the hotel operator, said Thursday that it earned $143 million, or 44 cents a share, in the three months ended in September; analysts were expecting profit of 40 cents. Revenue totaled $2.79 billion, also beating the average analyst forecast of $2.65 billion, with revenue per available room rising 6% worldwide and 7% in North America from year-earlier levels.
Earnings expected Thursday include International Speedway (ISCA), Robbins & Meyers (RBN), and Sycamore Networks (SCMR).
Nuvasive (NUVA), the San Diego-based medical device maker, issued weak revenue guidance, saying it sees third-quarter revenue of $147 million vs. its prior projection for a flat performance from its second-quarter total of $154.4 million. Apple's iPad Mini: What It Means for Investors
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel
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