- HP(HPQ - Get Report) reported adjusted earnings per share of $1.10 cents on sales of $31.2 billion for its fiscal third quarter, compared to the $1.08 EPS on revenue of $30.7 billion reported in the year-ago period.
- Analysts expected adjusted EPS of $1.09 on sales of $31.17 billion.
- Shares of HP were halted at $30.42 at 2.55 PM ET on Monday. The shares reopened about 15 minutes later, trading down 7.52% at $29.03.
- In a statement, HP confirmed that it will be looking for "strategic alternatives" for its Personal Systems Group (PSG). This could include either a full or partial spin off of the business from HP.
- HP also plans to discontinue operations for it webOS devices, specifically the TouchPad and webOS phones. HP will continue to "explore options" to optimize the value of webOS software going forward, it said.
- The tech giant confirmed that it is in discussions with U.K. software maker Autonomy regarding a possible acquisition of the company.
HP Plans PC Spinoff
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.