HP Inc.  (HPQ - Get Report) is scheduled to report results of its second fiscal quarter after the market close on Wednesday, May 25, with a conference call scheduled for 5:00 pm ET. What to watch for:

1. EPS CONSENSUS DOWN A TICK: Along with its last report, HP guided to Q2 adjusted EPS of 35c-40c. The consensus at the time was 39c, though it has come down to 38c. HP guided to FY16 adjusted EPS of $1.59-$1.69, versus consensus at that time of $1.60 per share. Analysts currently see the company reporting EPS of $1.59 this fiscal year.

2. HAVE INNOVATIONS 'AMAZED' CUSTOMERS?: Last quarter, HP President and CEO Dion Weisler said the company has a "clear strategy" that leverages its strengths, which includes taking cost out of the business and "delivering innovations that will amaze" customers and partners alike. Since then, Weisler has said the company has been "pretty effective with building a premium line to take on share in Apple's (AAPL - Get Report) traditional space" and HP introduced a new laptop in April that was said to be the thinnest on the market.

3. HOW IS 3D PRINTING LAUNCH PROCEEDING?: Speaking of product innovations, on May 17 HP launched its Jet Fusion 3D Printing Solution, which, according to the company, will deliver "superior quality physical parts up to 10 times faster and at half the cost" of current systems. After the launch, Piper Jaffray said HP's products will only pose a limited threat to 3D Systems  (DDD - Get Report) and Stratasys  (SSYS - Get Report) , while providing the entire sector with "much needed awareness and validity." Conversely, research firm William Blair said it believed that HP poses "a real threat" to the incumbents. Investors will be waiting to see if HP's data and comments sway the argument toward one view or the other.

4. PC SALES: Research firms Gartner and IDC reported in mid-April that PC sales fell significantly in the first quarter of the year versus the same period a year earlier, and both firms reported that HP had lost the top spot in the U.S. PC market to Dell. At that time, Cowen analyst Timothy Arcuri said that Gartner's data was actually "a touch better" than what he was expecting, while UBS countered that Garner's data was slightly worse than expected and showed that PC sales reached their lowest point since 2007, while noting that some were trying to put "a positive spin" on the data's impact on companies such as IBM  (IBM - Get Report) and Intel  (INTC - Get Report) .

5. DEALMAKING: On the heels of last night's announcement that HP Enterprise  (HPE - Get Report) will merge its Enterprise Services segment with CSC  (CSC) and spin off the combined company, investors will certainly be watching to see if the other HP sibling has its own transformational deal up its sleeve.

Reporting by Jason Keil.

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