HP Shares Rise as Forecast Tops Estimates: San Francisco Mover
This article is for subscribers only.
Hewlett-Packard Co., the largest personal-computer maker, rose the most in three months after its fiscal third-quarter profit forecast topped estimates as cost cuts help make up for slumping desktop and laptop demand.
The shares jumped 14 percent to $24.29 at 1:50 p.m. in New York. Earlier, they traded at $24.33, the biggest intraday gain since Feb. 22. Through yesterday, the stock had risen 49 percent this year, compared with a 16 percent increase in the Standard & Poor’s 500 Index.