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HP's profits disappoint; market on hold

Tuesday, November 25, 2014 - 02:40

Hewlett Packard blamed weak enterprise sales for its lower earnings. Stocks took a break from their rally after mixed economic data. Bobbi Rebell reports.

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Hewlett Packard profits were in-line with forecasts - but lower than the same period last year - and revenues fell below expectations. HP pointing to weak sales to enterprise customers. The company sees profits at or below analysts forecasts for the current quarter- but confirmed earnings guidance for the current fiscal year. Shares fell in after hours trading. Stocks hovered near record levels amid mixed signals from economic data. Falling oil prices weighed down on energy stocks like Dow components Exxon Mobil and Chevron. Tiffany shares rose to an all-time high. The luxury retailer's new T collection of jewelry helped boost comparable store sales 11 percent in the Americas, offsetting weak sales in Japan. Profit dropped, but Tiffany managed to boost its profit margins. Telsey Advisory Group's chief research officer Dana Telsey is bullish on Tiffany: SOUNDBITE: DANA TELSEY, CHIEF RESEARCH OFFICER AND CEO, TELSEY ADVISORY GROUP (ENGLISH) SAYING: "With new product being introduced to the line like the Tiffany T collection, fashion jewelry beginning to make a nice comeback, we think the new product is helping to stimulate sales and stimulate demand. With the opportunity that Tiffany has both online and in the stores, with the new sales techniques that some of their sales associates have, it's helping to stimulate higher average transactions and broader awareness." Fred's shares fell. The discount store operator lost more money than Wall Street expected. And its loss forecast for the current quarter was also wider than expected. Netflix shares deepened their loss for the year after Stifel Nicolaus downgraded them to hold from buy. It said investors will be glued to their domestic subscriber growth, and Stifel sees Netflix adding fewer subscribers every year from now. Siri, your developer's stock did well today. The voice recognition software maker that runs the Siri feature on iPhones, Nuance Communications, produced adjusted profit that beat estimates, pushing shares higher. Workday's stock lost ground. The developer of software that tracks employee pay and performance disappointed Wall Street with its outlook for its own revenue performance next year. Concerns that Pandora will have to pay substantially higher royalty fees to stream music to subscribers pushed FBR to downgrade the stock to sell from hold. Shares fell. In a day full of economic data, investors saw a strongly revised read on economic growth for the third quarter. But monthly growth in home prices slowed in September, and consumer confidence was surprisingly weak in November. In Europe, a rally in banking shares offset a slump in energy shares, helping stocks inch higher.

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HP's profits disappoint; market on hold

Tuesday, November 25, 2014 - 02:40

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