H-P gains on layoff reports (30,000 jobs); techs slip

[Roland99]

Source: MarketWatch

Hewlett-Packard was able to defy a sell-off across the rest of the tech sector on Thursday afternoon, as news leaked out that the troubled industry titan was planning to cut as many as 30,000 jobs.

Reports in various media outlets said H-P HPQ +0.05% was still considering job cuts that could affect about 10% of its workforce. The plans will reportedly be announced as part of the company’s second fiscal-quarter earnings report next Wednesday, May 23. Read AllThingsD report on H-P's planned job cuts.

H-P shares were up about 0.2% to $22.07 at last check.

“While a difficult decision, in our view, a reduction in force will improve confidence in HP’s guidance for “at least $4.00 EPS in FY12” and enable investments in strategic, higher-growth areas,” Brian Marshall of ISI Group wrote in an email.

Read more: http://www.marketwatch.com/story/apple-h-p-cisco-lead-tech-retreat-2012-05-17?dist=countdown

[onehandle]

1. Meg Whitman, like Rmoney, likes to fire people. nt

[Mr. Sparkle]

2. There is evidence that Wall Street and Main Street are not on the same side.

“While a difficult decision, in our view, a reduction in force will improve confidence in HP’s guidance for “at least $4.00 EPS in FY12”

Translation; firing 30,000 people will improve our stock price,

[global1]

4. Not To Say That It Will Hurt Our Economy In A Big Way And......

help out the Repugs because the job numbers will look bad and it will be blamed on Obama.

Here's another instance where the Repugs can't run a company right and will dump their employees to make the stock look good - and also do some damage to our President because it will create a big hole in the unemployment numbers.

[Fuddnik]

3. When did Romney and Bain buy them?

[Skittles]

5. are there tens of thousands of them left?

I don't even think they're done with their last tens of thousands of layoffs

[FarCenter]

6. They currently have about 350,000 employees

Wonder how many are ex-EDS?

With cloud computing, the consulting and enterprise systems must be undergoing significant change.

I didn't think that they manufactured much of the PCs and printers -- mostly done by contrace electronics manufacturers.