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U.S. Morning Call: HP sees mega-loss after writedown

Thursday, August 23, 2012 - 02:53

Aug 23 - Hewlett-Packard saw an $8.9 bln quarterly loss as sales fell again, and took a $13.9 bln writedown; shares are trading down in the premarket.

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Another PC makers -- by a huge quarterly loss. And markets react as the -- spreads its -- -- -- your new need to know headlines jump start your morning. A bunch of brokerages cut their price targets on Hewlett-Packard this morning after posted an eight point nine billion dollar -- loss. HP hit hard by its purchase of Electronic Data Systems solid thirteen point nine billion dollar write down. Sales also shrank at the largest US PC maker which trimmed its full year earnings outlook reacting to tough economic conditions in Europe and China. And a burgeoning. Market report comes on the heels of Dell's -- results. Further painting a picture of altering PC sales and CEO Meg Whitman urged investors be patient she works to jump start revenue and costs. Shares -- HP trading down four point 5% in the premarket. US stock futures signaling a higher open today. The lift is fed induced yesterday FOMC. Minutes provided much encouragement. The central banks saying that another dose of stimulus measures could barely stand. Does enough to boost global stocks but many analysts are saying that -- -- the ECB to make the first move. I think in some ways they don't mean -- thirty have to do anything. -- they've done enough by actually stated that they would do something if withholding necessary. I'm given the actual minutes there -- -- many think that this was possible aren't necessary but the where some detractors would end there. I think in some ways -- waiting for Europe to do something which is what if kind of laid a lot of the blame for the problems in the US. We saw some positive housing data yesterday with resales decline in home builders rallying on results from told Brothers. But is housing -- today's release of new home sales data for July 8 provide a better idea. Economists expect to see a slight uptick. But inventories that remains slightly above record lows. Another key piece of data out today initial jobless claims. Economists forecasting a total of 365000. New filings just a hair lower than last week that. And stocks to watch Hormel Foods seeing higher quarterly profit on strong performance in grocery line. Truck sales of mega mix foods and spam now celebrating its birthday. Feeding wrote at the company. And shares of big lots plummeting big time sixteen point 5% in premarket after the -- I'd drop in second quarter profit. And cut its full year adjusted earnings forecast. Just force dot com and -- parent company of Kay Jewelers. Also report later today -- morning call for Thursday for more in depth coverage on the markets follow us on Twitter at Reuters Insider. And check out our way of YouTube channel at Reuters dot com slash Reuters TV I'm Lisa Bernhard. This is writers.

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U.S. Morning Call: HP sees mega-loss after writedown

Thursday, August 23, 2012 - 02:53