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Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

H-P Reaps Reward [TheStreet.com]

Summary: HP's Q4 earnings grew to $1.69b, or $0.60/share, from $416m, or $0.14/share last year, on sales of $24.6 billion, vs. $22.9b last year. To be fair, HP had $1.1b in restructuring costs last fiscal Q4. Excluding restructuring charges this Q4, HP earned $0.68, vs. analyst estimates of $0.64. Sales came in ahead of analysts polled by Thomson, expecting $24.1b. CEO Mark Hurd is credited with controlling costs as the company expanded its share in key markets. Still, Hurd commented, "We certainly aren't taking any victory lap here." According to Gartner research, HP overtook Dell as the world's largest PC maker. And its FY2006 revenue of $91.7b surpassed IBM to become the world's largest IT company. HP's shares closed 0.85% higher at $40.13, after hitting a 52-week high of $40.85 on Wed. Its shares fell about 1% in after-hours trading. Hewlett-Packard-HPQ-1yr-chart-11-16-06
Related links: HP press releases: Earnings announcement and Earnings presentation [PDF]. • Media coverage: BusinessWeek and Forbes. Commentary: Citigroup: HP Should Outperform Dell Through Year-EndHP Ahead of Earnings: Price May Include a 'Mark Hurd Premium'Dell Stonewalls Investors - Mum on SEC Investigation, EarningsNow They're Really Upset With DellDell Losing PC Market Share - And Wall Street Doesn't Care. Conference call transcripts: Hewlett-Packard F4Q06, Dell Q2 2007.
Potentially impacted stocks and ETFs: Hewlett-Packard (HPQ) • Competitors: Dell (DELL), Gateway (GTW), Canon (CAJ), Lexmark Int'l (LXK), IBM (IBM), Sun Micro (SUNW) • ETFs: Technology Select Sector SPDR (XLK), Internet Architecture HOLDRs (IAH), iShares Goldman Sachs Tech. (IGM), iShares S&P Global Tech. (IXN), iShares Dow Jones US Tech. (IYW), streetTRACKS Morgan Stanley Tech. (MTK)

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Source: HP's Q4 Earnings Jump; Surpasses IBM and Dell