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NEW YORK (

TheStreet

) -- Shares of

Hewlett-Packard

(HPQ) - Get HP Inc. Report

fell sharply in extended trading on Tuesday after the Dow component

disappointed Wall Street

with its outlook.

Palo Alto, Calif.-based HP, the No. 1 personal maker topped the average analysts' view for its fiscal first-quarter results but said it sees adjusted earnings of $1.19 to $1.21 a share for the second quarter ending in April on revenue ranging from $31.4 billion to $31.6 billion. The current average estimate of analysts polled by

Thomson Reuters

is for a profit of $1.25 a share on revenue of $32.6 billion in the quarter.

For fiscal 2011, the company sees adjusted earnings of $5.20 to $5.28 a share on revenue of $130 billion to $131.5 billion. That view compares to the current consensus estimate for a profit of $5.24 a share on revenue of $133 billion.

The stock was last quoted at $42.40, down 12.1%, on volume of around 8 million, according to

Nasdaq.com

. Based on a regular session close at $48.23, the shares had risen 15.6% since the start of 2011 but were still down 3.8% in the past year.

Wall Street was pretty positive about HP shares ahead of the report with 28 of the 36 analysts covering the stock at either strong buy (13) or buy (15). The median 12-month price target of $55 implies upside of 14% from Tuesday's regular session close.

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CNO Financial

A stronger than expected quarterly report sent shares of

CNO Financial

(CNO) - Get CNO Financial Group, Inc. Report

higher after the closing bell. The stock jumped more than 8% to $6.89 on volume of roughly 63,000 after the Carmel, Ind.-based insurance company reported an operating profit of $51.7 million, or 18 cents a share, for its fiscal fourth quarter, ahead of Wall Street's expectation for earnings of 16 cents a share.

Total revenue came in at $1.08 billion for the three months ended Dec. 31, up from a year-ago equivalent total of $1.06 billion, and above the average analysts' view of $993.2 million.

Dillard's

Shares of

Dillard's

(DDS) - Get Dillard's, Inc. Class A Report

surged late on Tuesday after the department store operator topped Wall Street's earnings expectations and announced an additional $250 million buyback program.

The stock was last quoted at $42.50, up 5%, on volume of around 60,000, according to

Nasdaq.com

.

Little Rock, Ark.-based Dillard's said it earned $109.6 million, or $1.75 a share, for the 13 weeks ended Jan. 29, up from a year-ago profit of $79.5 million, or $1.08 a share. Excluding certain items, earnings came in at $1.55 a share for the quarter, ahead of the average estimate of analysts polled by

Thomson Reuters

for a profit of $1.38 a share.

The company attributed the strong results to a 7% increase in same-store sales and an improvement of 90 basis points in its retail gross margins.

--

Written by Michael Baron in New York.

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Michael Baron

.

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