Why HP Stock Lost 13% in August
HP (NYSE: HPQ) trailed the market last month by dropping 13% compared with a 2% decline in the S&P 500, according to S&P Global Market Intelligence. The decline pushed returns for the tech stock down to -10% so far for the year, versus a 17% increase in the broader market.
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August's slump was driven by weak operating earnings. HP announced late in the month that sales were flat in the fiscal third quarter. The company managed higher revenue in a few of its selling categories, including notebook and desktop sales. But the printing business, which delivers some of its highest profit margins, shrank 5%.
Source Fool.com
