The S&P 500 was falling 1.5 points, or 0.1%, to 1,317.50.
Shares of HP irose 5.65% to $22.27. The printer and PC maker reported Wednesday second-quarter non-GAAP earnings of 98 cents a share on revenue of $30.7 billion. Analysts, on average, expected earnings of 91 cents a share on $29.91 billion in revenue.
The company said it planned to cut 27,000 jobs, or 8% of its work force. HP said the cuts would save it $3 billion to $3.5 billion a year.HP shares hit a 52-week low on Wednesday of $20.58. The stock's 52-week high of $37.69 was set on July 26. HP trades at an estimated price-to-earnings ratio for next year of 5.04 times; the average for computer hardware companies is 14.97. For comparison, Dell (DELL) has a higher forward P/E of 6.08. Fourteen of the 31 analysts who cover HP rated it hold. Eleven analysts gave the stock a buy rating and six rated it sell. The stock has fallen 13.63% year to date.
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