Updated with HP's announcement it would release earnings Tuesday morning

NEW YORK ( TheStreet) -- Shares of Hewlett-Packard ( HPQ) 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," Barron's said.

Bloomberg initially 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 Nasdaq.com. 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).

Urban Outfitters

Shares of Urban Outfitters ( URBN) 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 Thomson Reuters 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%.

Gulf Resources

Shares of Gulf Resources ( GFRE) jumped in extended trading after the company posted strong quarterly results.

The Chinese producer of bromine and other specialty chemical products reported earnings of $14.1 million, or 40 cents a share, as revenue rose more than 50% year-over-year to $45.4 million.

"Despite the usual challenging weather conditions in the first quarter, we are pleased to report a strong start to 2011 both in terms of top line growth and profitability, driven by the increase in bromine prices," said Xiaobin Liu, the company's CEO, in a statement. "For the three months ended March 31, 2011, our average selling price for bromine was approximately $4,596 per tonne compared with approximately $2,470 per tonne in the corresponding quarter last year."

The average estimate of two analysts covering the stock was for a profit of 37 cents a share in the March-ended period on revenue of $40.4 million.

The stock was last quoted at $3.45, up 14%, on volume of around 150,000, according to Nasdaq.com.

-- Written by Michael Baron in New York.

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