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HP MISSES Q2 REVENUE EXPECTATIONS, STOCK FALLS -

28-May
20:44 IST

HP Inc.’s stock is currently trading at 14.99-lower by 12.41% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 6.31%. The stock has continued falling after the opening bell.

The technology company reported its fiscal second-quarter results after the market close on Wednesday. The computer and printer maker generated an EPS (excluding some items) of $0.51 for the second quarter. The EPS was above the market expectation of $0.44. HP brought in $12.47 billion in revenue for the second quarter. The revenue was, however, below the consensus estimates of $12.93 billion.

The technology company expected fiscal third-quarter adjusted EPS of $0.39 to $0.45. The markets were forecasting an adjusted EPS of $0.47 for the third quarter. HP, however, did not provide guidance for revenue. The company also pulled full-year guidance due to uncertain economic conditions and the threat of a second wave of pneumonia-causing virus cases. Stocks of HP have fallen about 27% so far this year.

On the technical front, the current price is below the MA5. The current price is below the middle line of the Bollinger Bands and is heading downwards. The RSI is currently at 43.16% and suggests that the market can move in the downward direction.

Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit target.

 

TRADE SUGGESTION- LIMIT SELL AT 15.01 TAKE PROFIT AT 14.67 STOP LOSS AT 15.18

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