MARKET PREVIEW: HP adds to gloom

2 min read

Hewlett-Packard's earnings miss will cast a cloud over already gloomy techs Monday, as the Nasdaq threatens to drop below 3,000. Asian and European markets were down, and the Dow is set to open much lower.

Watch out below for Hewlett-Packard (NYSE: HWP); the company missed estimates in its fourth quarter results released before the bell.The company reported a profit excluding one-time items of 41 cents a share, far below the 51-cent consensus surveyed by First Call. CEO Carly Fiorina said in a statement she takes "full responsibility" for the shortfall. HP also announced that it has terminated negotiations with PricewaterhouseCoopers for the acquisition of its consulting business.

Disappointing news from the Dow component comes as markets are already down on uncertainty over who the next U.S. president will be.


Expect the following technology stocks to be among Monday's most actively traded issues: AOL, Interspeed and Per-Se Technologies.

Blue-chip and technology stocks tumbled again Friday as Wall Street awaits the outcome of the presidential election. The Dow Jones industrial average fell 231 points to 10,602.95 while the Nasdaq lost 171 points.

At the Bell

The Dow Jones industrial average may open about 90 points lower. The Standard & Poor's 500 index for June futures contracts was down 11.6 to 1360 at 7:35 a.m. EST in 24-hour electronic trading.

The Inter@ctive Week @Net Index was down 22.64 to 391.19.


Trading in Asia was on a downswing. The Nikkei 225 fell 2.16 percent to 14,664.64, Singapore's Strait Times index shed 2.43 percent to 1,937.97 and Hong Kong's Hang Seng was down 3.73 percent to 14,815.69.


European markets were mixed. London's FTSE 100 shed 1.46 percent to 6,306.80. The CAC 40 in Paris slipped 0.85 percent to 6,034.02 and the DAX in Frankfurt was down 1.73 percent to 6,733.06 at 6:57 a.m. EST.

Reuters contributed to this report.