NEW YORK (TheStreet) -- Hewlett-Packard (HPQ) fell off Tuesday after Friday's increase a day after the company announced it would cut up to 16,000 additional jobs and also forecast strong free cash flow for the year.
HP CEO Meg Whitman said Thursday that HP's turnaround plan was still on track and the increased job cuts target of 50,000 showed the company continues to find areas to streamline its operations. The company also expects to surpass its free cash flow target of $6 billion to $6.5 billion for the fiscal year that ends in October.
The stock closed at $33.72 on Friday but was down 2.49% to $32.88 at 1:04 p.m.
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Separately, TheStreet Ratings team rates HEWLETT-PACKARD CO as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HEWLETT-PACKARD CO (HPQ) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and poor profit margins."