H-P to Stop Developing Digital Cameras
SAN FRANCISCO -- Hewlett-Packard (HPQ) will cease developing its own digital cameras, as the company shifts resources to other initiatives.
The Palo Alto, Calif., tech giant said Wednesday that it will take a $30 million pretax charge in its fiscal fourth quarter as a result of its plan to seek an "alternative business model" for its H-P-branded cameras.
The company said it will continue selling its own digital cameras through the holiday season. In the first half of 2008, H-P hopes to have a deal in place with a manufacturing partner to design, source and distribute digital cameras under the H-P brand.
The company said in a statement, "This shift in strategy is intended to enable H-P to accelerate its investment in Print 2.0 initiatives." These included furthering H-P's leadership position in home photo printing and online photo services, while accelerating the company's retail photo-finishing business.Shares of H-P closed Wednesday off 2.9% to $51.84.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV