Agilent Technologies (A) - Get Reportwas down 7.6% in preopen Instinet trading. After the close Thursday, the maker of network testing equipment posted second-quarter operating earnings of 26 cents per share, below the lowered Thomson Financial/First Call estimate of 27 cents and the year-ago 35 cents.

The

Hewlett-Packard

(HWP)

spinoff blamed order cancellations and said they were continuing into the current quarter. The company's CFO said he expects $100 million in cancellations in the third quarter after $500 million in the second.

J.P. Morgan

downgraded the stock to long-term buy from buy and

Lehman Brothers

lowered earnings estimates and cut its 12-month price target to $70 from $100.