Hewlett-Packard Co. (NYSE: HPQ) posted impressive, better-than-expected results Monday afternoon thanks to its diversified business. These included 21% growth in laptop sales, and a totoal revenue growth of 19%. Still, Wall Street doesn't have confidence in how the computer company will do as the economy worsens, and some think it will do worse than management believes. HPQ shares declined 1.3% in premarket trading (8:03 am). HPQ shares declined 6.2% as of 11 am.
Starbucks (NASDAQ: SBUX) warned yet again late Monday of an "extremely challenging" fiscal year as it forecast slumping sales. It seems that selling high-end coffee during a recession is a tricky business. For fiscal 2009, which began Sept. 29, Starbucks said it expects to see a drop in sales at coffee shops that it opened at least a year ago, extending a trend already evident in 2008. While warning of another round of restructuring, SBUX also said October store traffic has actually improved. SBUX shares declined over 5% in after-hours trading Monday. SBUX shares declined about 1% as of 11 am.
Analog Devices (NYSE: ADI) reported a 47% profit jump that beat estimates but issued a fiscal first-quarter earnings outlook below analyst estimates due to slowing orders and reduced output. ADI shares declined 2% in premarket trading (8:05 am). ADI shares declined about 5.6% as of 11 am.
Ford Motor Co. (NYSE: F) -- A few days after his compay was denied a bailout from Washington, CEO Mullali was proven right as it and its Volvo subsidiary led the 2009 list of the Insurance Institute for Highway Safety with 16 vehicles. Honda Motor Co. (NYSE: HMC) was next with 13 vehicles. Ford shares gained 1.3% in premarket trading (8:06 am). Ford shares gained about 3.85% around 11 am.
D.R. Horton (NYSE: DHI), the largest U.S. homebuilder, Tuesday reported a wider quarterly loss as home sales revenue for the fourth quarter fell by 50%. While this was below estimates, it seems reaction is actually positive with shares climbing 7% in premarket trading (7:04 am). DHI shares soared 20% around 11 am. Another builder, Lennar Corp (NYSE: LEN), was upgraded to Buy from Neutral at UBS AG on valuation and management's efforts to lower the company's risk. LEN shares were trading 34% higher around 11:05 am.
Google Inc (NASDAQ: GOOG) said it is "significantly" reducing the number of contract workers it uses, but has no plans at this time to lay off employees, the Wall Street Journal reported, but didn't give further details on the how and what of the 10,000 contract workers GOOG employs. Shares were down 1.9% in premarket trading (8:04 am). GOOG shares were up 5.9% around 11:05 am.
Apple Inc. (NASDAQ: AAPL) -- perhaps fans of the Beatles will find something to rejoice in during these times: Paul McCartney wants The Beatles' back catalogue available on Apple's iTunes service, but says negotiations have stalled, the BBC reported. Perhaps with his push and support negotiations could advance faster. Shares were down 1.1% in premarket trading (8:10 am). AAPL shares were down 4.4% by 11:05 am.
[Update 11:05:
Dollar Tree Inc. (NASDAQ: DLTR) surprised the Street this morning with a stronger-than-expected third-quarter profit. Shares were 3.5% higher around 11:05 am.]
Ray of light: U.S. temp worker hiring increased by 34k in October
Closing Bell: Bulls gutting bears (ATVI, EWBC, GE, JASO, ENZN, MCD)
Goldman Sachs CEO Lloyd Blankfein pulls a Jeff Skilling in an interview
