- Lexmark shares (LXK -5.5%) fall in sympathy after H-P announced FQ3 results yesterday.
- The main reason? H-P's printer sales fell 3.6% Y/Y and 4.6% Q/Q. (8-K) On the conference call, H-P noted it "[expects] continued pricing pressure in printing."
- Unsurprisingly, deteriorating industry fundamentals hit Lexmark in Q2, as its hardware sales fell 14% Y/Y. Lexmark's exit from the inkjet business had a 680 bps impact on its Imaging Solutions & Services' division's revenue growth. (10-Q)