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NEW YORK (TheStreet) -- Shares of Hewlett-Packard Co (HPQ) were rising, up 3.9% to $35.15 on heavy volume in midday trading Friday, after the company reported its mixed second-quarter fiscal 2015 earnings results late Thursday.

HP reported a profit of 87 cents per share, down 1.14% from a year ago, but higher compared to the earnings of 85 cents per share analysts had forecast.

As of May 22, the S&P 500 information technology sector has first quarter earnings per share of $10.11, with a growth rate of 8.99% year over year, according to S&P Capital IQ.

In addition, of the 487 companies in the S&P 500 index that have reported, 329 have beat, 113 missed and 45 met analysts' estimates.

"That equates to a 68% beat rate, just below the 69% beat rate at this time last quarter, but still ahead of the historic average of 66%," according to S&P Capital IQ senior analyst Lindsey Bell.

The PC maker also posted revenue of $25.45 billion for the quarter, below analysts' estimates of $25.63 billion.

Looking ahead, the company issued weaker-than-expected guidance.

HP expects earnings of between $3.53 to $3.73 per share for fiscal 2015 ending in October, compared to analysts' estimates of $3.64 per share for the fiscal year.

Still, investors are noticing the lower-than-expected expenses for the separation of its personal computer and printer businesses into a separate company.

About 15.08 million shares of HP have changed hands as of 11:59 a.m. ET today, compared to its average trading volume of about 9.67 million shares a day.

Palo Alto, Calif.-based Hewlett-Packard is a provider of products, technologies, software, solutions and services to individual consumers, small and medium sized businesses, and large enterprises.

Separately, TheStreet Ratings team rates HEWLETT-PACKARD CO as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate HEWLETT-PACKARD CO (HPQ) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its attractive valuation levels and increase in stock price during the past year. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

You can view the full analysis from the report here: HPQ Ratings Report

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