H-P Shows Strength

Earlier this month Cisco(CSCO) spooked investors when it warned of a slowdown in orders from financial services firms, many of which are writing off billions of dollars of mortgage-backed securities.

H-P projected that revenue in the current quarter will range between $27.4 billion and $27.5 billion with adjusted EPS of 80 cents. Wall Street was looking for $26.9 billion in revenue with 77 cents adjusted EPS.

And H-P said that revenue for the full 2008 fiscal year will increase 7% to $111.5 billion, with adjusted EPS of $3.32 to $3.37. Analysts polled by Thomson Financial were looking for revenue of $109.5 billion with $3.27 in EPS.

The company also announced that its board approved the authorization of an additional $8 billion for share repurchases to manage dilution created by employee stock plans.

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