AP News

News Summary: HP's outlook disillusions investors


MORE TROUBLE AHEAD: Hewlett-Packard Co. CEO Meg Whitman told analysts Wednesday that things are going to get worse before they get better at the ailing Silicon Valley pioneer.

THE OUTLOOK: Management expects its 2013 earnings to fall by as much as 16 percent, after subtracting accounting charges and other items unrelated to Hewlett-Packard Co.'s ongoing business. The prediction caught Wall Street off guard because analysts had projected a slight uptick in next year's earnings.

THE REACTION: More investors dumped HP's already battered stock. The shares plunged 13 percent to their lowest level in nearly a decade.


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