Market Analysis: Shares of HPQ Fall Sharply after Report


→ Revenue decreased by 10% to USD 13.2 billion compared to USD 14.65 billion a year ago. This was the third quarter in a row that HP fell short of analysts' estimates.

→ “While we expect another quarter of sequential growth in Q4, the external environment has not improved as quickly as anticipated and we are moderating our expectations as a result,” said HP CEO Enrique Lores.

→ Earnings per share was 86 cents (in line with forecasts), and the company estimates earnings for the next quarter could be between 85 cents and 97 cents.

As a result, at yesterday's low, the fall in the share price of HP Inc. exceeded 10%. Can the fall continue?

An analysis of the HPQ stock chart makes a strong bullish case:

→ HPQ price closed at the high of the day;

→ the price has found support from the lower boundary of the parallel channel;

→ the price fell below the support at 28.90, but closed above. This may mean that the increased volatility and activation of stop-losses located below the obvious support could be used by large players to accumulate long-term long positions at low prices, which were formed for a short period after the fundamental event.

By the way, according to Lores, the availability of artificial intelligence products at the end of 2024 should refresh consumer and commercial sales.

Buy or sell shares with CFDs in some of the world's biggest publicly listed companies on FXOpen’s trading platform. Open your FXOpen account now or learn more about trading share CFDs with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Shares

Apple in Trouble: Shares Fall More Than 3.5% Pfizer: Will It Be Ramped Up, or Has That Ship Sailed? Top 5 Stocks to Watch in September: Retail Bargain Bonanza, EVs Taking Charge and Tech Giants Make Hay NVDA Analysis: Share Price Rises after Positive Report Tesla Makes Rebound after One Month of Decline

Latest articles

Forex Analysis

Market Analysis: American Currency Rises Sharply after Fed Meeting

As expected, the decision on the interest rate had a powerful impact on the markets. Thus, the euro/US dollar pair lost more than 100 pp in just a couple of hours and updated its recent low at 1.0630,


Oil Analysis: Finally, A Bearish Reversal?

The policy of OPEC+ countries to voluntarily reduce oil production was one of the drivers thanks to which the price of WTI oil increased by approximately 40% from its low in June. In such cases, it is appropriate to use


Central Bank Week Shakes Up Gold Market

Yesterday, the main event of the week took place — the Federal Reserve meeting, which had a noticeable impact on the market of assets denominated in US dollars. But besides the Fed meeting, there are a number of other events this

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.