HP drags U.S. stocks lower at the open | Reduction

HP drags U.S. stocks lower at the open

Alan Greenspan by José Goulão
License (according to Flickr): Attribution-ShareAlike License

Excerpt:

Hewlett-Packard (HPQ, Fortune 500) shares plunged 14%, after the company reported quarterly results that included a multi-billion dollar writedown. That pushed the major indexes into the red. The Dow Jones industrial average slid 0.4%. The Nasdaq and S&P 500 were both down about 0.2%. But stripping out the PC maker's dismal performance, stocks were little changed as investors backed off a recent rally and turned their attention back to Europe's sovereign debt worries. Eurozone finance ministers were meeting Tuesday to discuss the latest release of bailout funds for Greece, which the country needs to stave off default. They meet as Moody's downgraded France's credit rating, stripping the country of its coveted AAA rating due to worries about economic weakness. Escalating violence in the Middle East between Israelis and Palestinians continues to be a global concern.

Keywords:

stock Dow Jones industrial average worries Krispy Kreme Doughnuts Federal Reserve Chairman Green Mountain Coffee markets S&P 500 Brent crude housing starts Ben Bernanke sovereign debt Hang Seng Monday night CAC 40 Census Bureau credit rating Best Buy FTSE 100 Oil prices Japanese yen Middle East British pound Hong Kong Brian Kelley New York barrel investors quarterly finance France Europe meeting Eurozone Israelis Palestinians Gaza ounce Hewlett-Packard Kreme optimistic results writedown earnings Currencies bailout cliff rhetoric company Shanghai

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HP drags U.S. stocks lower at the open

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• Asia
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