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Hewlett-Packard CEO Sees ‘Tough Third Quarter,’ Memo Says

Hewlett-Packard Co. Chief Executive Officer Leo Apotheker told top executives that he’s bracing for “another tough quarter” in the July period and urged deputies to “watch every penny and minimize all hiring.”

The company’s existing headcount plans are “unaffordable given the pressures on our business,” Apotheker wrote in the May 4 memo to deputies, including Todd Bradley, executive vice president of the personal systems business, and Chief Financial Officer Cathie Lesjak. The memo was obtained by Bloomberg.