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Compaq comfortable with inventory levels

Compaq Computer Corp. (NYSE: CPQ) attempted to set investors at ease Friday by announcing it is comfortable with inventory levels.

Shares closed up 2.5 to 27.7 Thursday.

"We are comfortable with third quarter channel inventory levels,'' said Jesse J. Greene, Jr., Chief Financial Officer. Compaq said its statement was in response to recent industry concerns around channel inventory.

Apple (Nasdaq: AAPL) had some inventory problems which contributed to a disappointing fourth quarter.

Compaq will report quarterly results on October 24, with consensus estimates at 29 cents cents a share.