Updated with HP's announcement it would release earnings Tuesday morning
NEW YORK (
) -- Shares of
(HPQ - Get Report)
slumped in late trades after the company's top executive telegraphed a lackluster quarter to upper-level management, according to multiple media reports.
Chief Executive Officer Leo Apotheker reportedly circulated a letter on May 4 saying HP is in for "another tough quarter" and stressing the necessity of "watching every penny,"
reported the memo
, quoting Apotheker as saying the company's existing headcount plans are "unaffordable given the pressures on our business."
HP moved it earnings report up to Tuesday morning; it was originally scheduled for after the markets closed on Wednesday.
The stock was last quoted at $37.80, down 5%, on after-hours volume of 1.4 million, according to
. Based on Monday's regular session close at $39.80, the shares have fallen 4% since the start of 2011.
HP reported its fiscal first-quarter results on Feb. 22, and forecast non-GAAP earnings of $1.19 to $1.21 per share for its fiscal second quarter ended in April. At the time, that view was below Wall Street's consensus estimate of $1.25 a share.
Wall Street is still pretty bullish on the Dow component with 26 of the 35 analysts covering the stock rating it at either strong buy (11) or buy (15).
(URBN - Get Report)
ticked higher in late trades after the Philadelphia-based specialty retailer came in a penny short of the average analysts' profit view for its fiscal first quarter but exceeded sales estimates.
The company reported earnings of $38.6 million, or 23 cents a share, for the three months ended April 30 on net sales of $524 million, down from a year-ago profit of $53 million, or 31 cents a share, on net sales of $480 million.
The average estimate of analysts polled by
was for earnings of 24 cents a share in the April period on sales of $521.7 million.
"I am confident that we are on the right course to bring our business back to its high standards," said Glen Senk, the company's CEO, in a statement. "I am encouraged by the progress each of the brands have made and anticipate improvements to occur gradually during the balance of this fiscal year."
The shares was last quoted at $32.44, up 15 cents, on volume of 664,000, although that's down from an after-hours high of $33.63. Year-to-date, the stock is down about 9%.