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October 18, 1998

PRINTER BUSINESS DOWNTICK HARMING HP

By CBR Staff Writer

A downturn in the growth of Hewlett-Packard Co’s printer sales is likely to begin marking down the outlook for the stock in Wall Street’s eyes, possibly as soon as next week. Morgan Stanley & Co’s hardware people observe that printers account for the majority of HP’s gross profit and revenue. It says the laser and inkjet markets slowed for the third consecutive quarter – HP’s largest business will probably disappoint in the current quarter. We estimate that printers and consumables drove 34% of revenue and 33% of gross margin in HP’s last quarter. The brokerage will rethink its outlook today.

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