Shares of Hewlett-Packard Co have fallen to a new 52-week low because analysts are worried about the company’s third-quarter earnings which Hewlett is due to report this week. On Thursday, the company’s shares were off nearly 5% on 752,900 shares against an average daily volume of 650,000 shares. A Hewlett-Packard spokeswoman told Dow Jones Professional Investor Report that company executives aren’t aware of any corporate developments that would cause this kind of share movement. She added that company executives aren’t aware of any recent analyst reports or comments that might have triggered the drop. As the company is now in its quiet period it cannot comment on third-quarter expectations. According to Hambrecht & Quist analyst Robert Herwick, three big sellers of Hewlett-Packard shares on the floor of the New York Stock Exchange are responding to a rumour that the company’s third-quarter earnings will be lower than previously expected. While selling of the shares does not appear to be particularly widespread, Herwick says, the three sellers aren’t finding many buyers so the stock has been driven down sharply. Herwick says most analysts’ estimates for the July quarter are between 75 and 85 cents a share but that third quarter earnings could come in around 70 cents a share – and anything below that would be a blow.
