Hewlett-Packard Company(NYSE: HPQ) shares declined 12.78% to $11.60 in the morning hour. The company said that a British company it bought for $10 billion last year lied about its finances, resulting in a massive write-down of the value of the business.
HP’s net loss for the fiscal fourth quarter amounted to $6.85 billion, or $3.49 per share. That compares with net income of $239 million, or 12 cents per share, in the same period last year. Adjusted earnings were $1.16 per share in the latest quarter, just above the average analyst forecast of $1.14 per share. The company’s revenue was $30.0 billion, down 7% from last year. That was below analyst expectations at $30.5 billion.
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Cliffs Natural Resources Inc(NYSE: CLF) stock fell 6.45% to $32.43 after the company said it will delay portions of the Bloom Lake mining project expansion in Quebec and idle some production at two U.S. iron-ore operations, as the company aims to align its business with weaker demand for coal used in steelmaking. CLF’s earnings rose throughout 2010 and most of last year, boosted by increased sales volume and prices.
Additionally, Goldman Sachs has downgraded CLF to a “Sell” from “Neutral” to a “Sell,” and lowered their price target from $33 to $25.
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Best Buy Co., Inc.(NYSE: BBY) stock dropped 9.82% to $12.41 after the company reported a third quarter loss of $10 million, or 3 cents a share, versus a profit of $156 million, or 42 cents a share, a year earlier. Adjusted per-share earnings were 3 cents versus 47 cents a year ago. Revenue was down 3.5% to $10.75 billion. Analysts recently expected per-share earnings of 12 cents on $10.73 billion in revenue.
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Schiff Nutrition International Inc(NYSE: SHF) shares decreased 5.30% to $41.81 in the early hour. Reckitt Benckiser Group PLC has offered to buy Schiff Nutrition for $1.4 billion. Reckitt Benckiser's all-cash offer values Schiff's shares at $42. Reckitt Benckiser's offer is also 24% higher than the $34-a-share deal proposed by German pharmaceutical and chemical company Bayer at the end of October. Bayer said it intended to bolster its U.S. consumer-health operations with the acquisition.
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Nokia Corporation (ADR)(NYSE: NOK) stock increased 1.02% to $2.97. The company is trying to found out its way to a successfully comeback in the smartphone market. Although the firm is expecting to obtains its tentacles into rivals’ phones through mapping applications, a move it hopes will facilitate it to improve its maps.
Additionally, the company has launched its Asha 308 in Kenya. The company is offering the 2G-enabled device in Black and Golden Light colours, which will incorporate a 3.0” WQVGA capacitive display, up to 32GB microSD card support, multiple home screens, loud speaker and stereo radio.
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