Looks decidedly kneejerk – in the wake of relatively disappointing figures (which would nevertheless desight most competitors) – see above – Cowen & Co said it cut its 1993 and 1994 earnings estimates on Hewlett-Packard Co, and Hambrecht & Quist analyst Bob Herwick said he was cutting his 1993 estimate to $4.80 to $4.90 from $5.20 a share; the figures banged the Hewlett-Packard share price $4.25 to $71.125; the company said it was bit disappointed by how much its order growth moderated in the third quarter – while sales were up 23% in the quarter, orders were up only 19% but, pointing out that profit margins were up and earnings grew faster than revenue, Hewlett-Packard said overall, we consider our results a decent outcome in a difficult economic environment; order growth slowed substantially in Europe and slightly in Japan, but we’re encouraged by continued healthy order growth in the US.
