Hewlett-Packard Co. shares plunged after the company forecast quarterly and full-year profit that trailed analysts’ estimates, saying a rising U.S. dollar will hurt results as the computer maker prepares to split in two.
Shares were down 8.6 percent at 9:36 a.m. Wednesday, the largest intraday drop since August 2013. Hewlett-Packard said profit before certain items in the fiscal second quarter ending in April will be 84 cents to 88 cents a share. Analysts on average projected 95 cents, according to data compiled by Bloomberg. For fiscal 2015, profit will be $3.53 to $3.73 a share, short of an estimate for $3.95.