Hewlett-Packard (HWP) was up 5.6% in preopen Instinet trading. After the close Wednesday it posted fiscal second-quarter earnings of 18 cents per share, beating the Street's lowered estimate of 15 cents but down sharply from 44 cents a year ago.

The company said analysts' third-quarter earnings estimates are "reasonable," but it warned that revenue would be flat to down 5%.

Hewlett-Packard had earlier forecast flat revenue.