HP Inc. (HPQ) - NYSE
  • Nov. 28, 2012, 4:04 PM

    Moody's has slashed its rating for H-P's (HPQ +3%) senior unsecured debt to Baa1 from A3, with a negative outlook. The agency had placed H-P on review for downgrade last month. It sees H-P's free cash flow falling to $4B next year thanks to its many challenges, and notes the IT giant has $13.6B in debt maturing from 2013-2015. However, it expects H-P to keep its cash balances above $8B, and to continue paring its debt load.

    | Nov. 28, 2012, 4:04 PM
  • Nov. 28, 2012, 9:37 AM

    Channelnomics thinks Microsoft's (MSFT) claim it has sold 40M Windows 8 licenses could be evidence of channel-stuffing. It notes many of the licenses may currently exist as inventory held by OEMs and resellers, and that StatCounter estimates Win. 8 is currently used on a mere 1% of the 1.5B PCs in operation. Nomura's Rick Sherlund is cutting estimates on Microsoft today, and says new Asian data points to a 7% Y/Y Q4 drop in PC shipments; a prior reading suggested flat growth.

    | Nov. 28, 2012, 9:37 AM | 10 Comments
  • Nov. 28, 2012, 8:04 AM
    AMD +1.6% after Reuters reports the chipmaker will sell and lease back its Austin campus for proceeds of $150M-$200M. AMD, which has been cutting jobs as it deals with share losses and poor PC demand, has reportedly hired JPMorgan to explore strategic options, though the company says it isn't up for sale. Yesterday, embattled CEO Rory Read said he was encouraged by Thanksgiving weekend PC sales in the U.S., but refused to promise a holiday season turnaround.
    | Nov. 28, 2012, 8:04 AM
  • Nov. 27, 2012, 4:58 PM
    40M Windows 8 licenses have been sold thus far, a Microsoft (MSFT) exec boasts, while adding the upgrade pace is exceeding that for Windows 7. It's unknown, however, if this figure includes enterprises who have access to Win. 8 through a subscription, but haven't necessarily upgraded. Otherwise, 40M would be an impressive figure for such a short amount of time, especially in light of industry conditions and reports of tepid enterprise interest. On Oct. 30, Steve Ballmer claimed 4M Win. 8 upgrades were sold in the first 3 days of availability.
    | Nov. 27, 2012, 4:58 PM | 9 Comments
  • Nov. 27, 2012, 12:18 PM

    More on H-P/Autonomy: The WSJ reports its talks with ex-Autonomy employees, partners, and attorneys "paint a picture of a hard-driving sales culture" that used aggressive accounting to keep license revenue growing. Up-front (as opposed to deferred) revenue recognition and deals in which Autonomy agreed to buy product/services from a "customer" were common. An H-P source expresses confidence some of Autonomy's accounting was improper regardless of whether U.S. or international rules are applied.

    | Nov. 27, 2012, 12:18 PM | 4 Comments
  • Nov. 27, 2012, 12:04 PM

    Autonomy founder Mike Lynch, who takes center stage in H-P's (HPQ) accounting fraud allegations, has issued an open letter to H-P's board in which he rejects "all allegations of impropriety," and asks several pointed questions regarding the specifics and timing of H-P's claims. Lynch has already gone to lengths to blame Autonomy's poor post-acquisition license sales on H-P's mismanagement and dysfunctional sales culture. (shareholder suit) Update: H-P responds by stating it has "uncovered extensive evidence" of fraud.

    | Nov. 27, 2012, 12:04 PM | 1 Comment
  • Nov. 27, 2012, 2:56 AM
    H-P (HPQ) has received one of the first lawsuits over its purchase of Autonomy, with a shareholder accusing the company of making misleading statements and hiding that it bought the U.K. firm based on unreliable financial data. The shareholder also alleges that H-P tried to back out of the deal before it closed. Meg Whitman, Leo Apotheker and CFO Catherine Lesjak are among those named as defendants.
    | Nov. 27, 2012, 2:56 AM | 1 Comment
  • Nov. 25, 2012, 9:00 AM

    H-P (HPQ) "is a conglomerate in which all the cylinders have stopped firing at once," writes the FT. The company's PC division, IT services operation, and servers and hardware business are all struggling, while its lucrative printing division is facing decline. And that's not to mention the firings of three CEOs, a boardroom spying scandal, and multiple megabillion-dollar deals that have gone wrong, the latest of which is Autonomy.

    | Nov. 25, 2012, 9:00 AM | 15 Comments
  • Nov. 23, 2012, 5:57 PM
    Forget "Cyber Monday," many of the big online merchants selling technology gear are knee-deep into Black Friday as well. Online heavyweights such as Apple (AAPL), Amazon.com (AMZN), Hewlett-Packard (HPQ) and Dell (DELL) are all laden with Black Friday notices and special deals. Ironically though, it's retailer Target (TGT) that's making the huge push toward Cyber Monday. This way, they get you in the store Friday and over the weekend, and then buying more stuff online when you are back at work Monday - truly a monument to consumerism.
    | Nov. 23, 2012, 5:57 PM | 15 Comments
  • Nov. 22, 2012, 5:35 AM

    Former Autonomy CEO Mike Lynch admits to using some of the accounting practices that H-P (HPQ) says are irregular, such as selling computers to clients and booking part of the costs as marketing expenses, but denies that they're illegal. Lynch also says that turning what H-P says is improperly recorded revenue of over $200M into a $5B writedown "doesn't add up." Some analysts agree.
     

    | Nov. 22, 2012, 5:35 AM | 2 Comments
  • Nov. 21, 2012, 5:21 PM
    U.S. kids again want iPads for Christmas ... and so do a lot of their parents. A Nielsen survey found 48% of kids aged 6-12 and 21% of kids aged 13+ are interested in buying an iPad (AAPL) over the next 6 months. That's similar to last year's numbers. Meanwhile, an Ipsos poll found 1/3 of U.S. consumers to be interested in buying a tablet this holiday season. 25% of them want a regular iPad, 15% want a Kindle Fire, another 15% a Samsung tablet, and just 8% an iPad Mini. NPD's Richard Shim estimates Q4 North American tablet shipments will total 21.5M, easily outpacing notebook shipments of 14.6M.
    | Nov. 21, 2012, 5:21 PM | 33 Comments
  • Nov. 21, 2012, 12:58 PM

    The H-P/Autonomy fiasco could provide an opening for Guidance Software (GUID -1.1%), notes Benchmark. Autonomy is Guidance's main competitor in the eDiscovery software space, and Benchmark sees Guidance benefiting from sales force distractions and customer buying freezes at Autonomy while "the dust settles" regarding accounting fraud allegations. Guidance has been growing quickly this year.

    | Nov. 21, 2012, 12:58 PM
  • Nov. 21, 2012, 8:09 AM

    H-P (HPQ) +0.7% premarket following yesterday's epic debacle. This morning's slight gain comes even though RBC is belatedly downgrading shares to Sector Perform, and Jim Chanos, whose has made bearish calls on H-P and (as a public company) Autonomy over the last 2 years, went on CNBC (video) to declare H-P a debt-laden value trap. (more)

    | Nov. 21, 2012, 8:09 AM | 4 Comments
  • Nov. 21, 2012, 2:59 AM

    The FBI is reportedly investigating H-P's (HPQ) accusations of accounting improprieties at Autonomy prior to H-P buying it and for which the company took an $8.8B charge in FQ4. The feds are responding to a request from the SEC after H-P brought its claims to the regulator. Don't be surprised if more government agencies jump onto the investigative bandwagon.

    | Nov. 21, 2012, 2:59 AM | 3 Comments
  • Nov. 20, 2012, 5:43 PM
    "When HP bought Autonomy it had hundreds of people involved in due diligence," claims ex-Autonomy CEO Mike Lynch, who again denied any wrongdoing in a phone interview. Lynch also claims H-P's (HPQ -11.9%) "mismanagement" was responsible for the huge drop in Autonomy license revenue that followed the acquisition, as it drove off employees, introduced "arbitrary markups," and failed to incentivize its sales force. H-P's list of allegations against Autonomy is lengthy - no one is looking good here at this point. (more on HPQ)
    | Nov. 20, 2012, 5:43 PM | 1 Comment
  • Nov. 20, 2012, 12:45 PM
    Midday top 10 gainers: SCHS +31%. KKD +21%. GBR +19%. SGOC +13%. RECV +19%. IMH +17%. DAKT +14%. BCRX +11%. DY +13%. ERII +12%. Midday top 10 Losers: IMOS -11%. BBY -12%. HNRG -11%. CLF -11%. HPQ -11%. CRMT -11%. SCVL -11%. TSL -9%. BAA -10%. ZAZA -10%.
    | Nov. 20, 2012, 12:45 PM
Company Description
HP Inc. provides products, technologies, software, solutions and services to individual consumers, small and medium-sized businesses and large enterprises, including customers in the government, health and education sectors. It operates through seven business segments: Personal Systems,... More
Sector: Technology
Industry: Diversified Computer Systems
Country: United States