Hewlett-Packard didn't deliver the earnings that analysts expected, and that could stop Wall Street's recent technology rally in its tracks Wednesday.
At 5:15 a.m. ET, futures pointed to a flat start for the broader market and a lower start for the tech-heavy Nasdaq -- even though HP is an NYSE-traded company.
The Dow component reported fiscal third-quarter operating earnings of 23 cents a share, below the 26-cent consensus of analysts surveyed by First Call -- although it was above the 14 cents earned a year earlier. Sales came in just below analysts' projections, and there was particular weakness in its data storage and computer-making units. HP did give fourth-quarter guidance that was roughly in line with previous forecasts.
Among U.S. stocks trading in Europe, Hewlett-Packard (HPQ: Research, Estimates) was down 8 percent early Wednesday.
The bad news for HP comes just as the markets were building a head of steam -- a surprising development for August, when the bulls take a siesta. The Nasdaq composite index gained another 1.2 percent Tuesday to go with Monday's more than 2 percent advance. And the Dow Jones industrial average managed a modest 0.2 percent gain to tack on to Monday's 1 percent boost.
Asian-Pacific stocks were mixed, with Tokyo's Nikkei index up 1.2 percent to a 13-month high but other markets lower. European bourses started Wednesday lower. (Check the latest on world markets)
Treasury prices declined in early trading, sending the 10-year note yield up to 4.39 percent from 4.36 percent late Tuesday. The dollar gained against the yen and euro.
Brent oil futures slipped 7 cents to $28.40 a barrel in London, where gold rose above $360 an ounce.
At 5:15 a.m. ET, futures pointed to a flat start for the broader market and a lower start for the tech-heavy Nasdaq -- even though HP is an NYSE-traded company.
The Dow component reported fiscal third-quarter operating earnings of 23 cents a share, below the 26-cent consensus of analysts surveyed by First Call -- although it was above the 14 cents earned a year earlier. Sales came in just below analysts' projections, and there was particular weakness in its data storage and computer-making units. HP did give fourth-quarter guidance that was roughly in line with previous forecasts.
Among U.S. stocks trading in Europe, Hewlett-Packard (HPQ: Research, Estimates) was down 8 percent early Wednesday.
The bad news for HP comes just as the markets were building a head of steam -- a surprising development for August, when the bulls take a siesta. The Nasdaq composite index gained another 1.2 percent Tuesday to go with Monday's more than 2 percent advance. And the Dow Jones industrial average managed a modest 0.2 percent gain to tack on to Monday's 1 percent boost.
Asian-Pacific stocks were mixed, with Tokyo's Nikkei index up 1.2 percent to a 13-month high but other markets lower. European bourses started Wednesday lower. (Check the latest on world markets)
Treasury prices declined in early trading, sending the 10-year note yield up to 4.39 percent from 4.36 percent late Tuesday. The dollar gained against the yen and euro.
Brent oil futures slipped 7 cents to $28.40 a barrel in London, where gold rose above $360 an ounce.