Last night after close of trading, HP (NYSE: HPQ) stock (that's the tech stock you used to know as Hewlett-Packard) issued new guidance for fiscal 2020. HP stock is down 10.2% in response as of 11:05 a.m. EDT...so you can probably guess that the news wasn't good.
So what exactly did HP say?
The headline news is that HP expects to earn between $1.98 and $2.10 per share in 2020, as calculated according to generally accepted accounting principles (GAAP). Relative to the $2.24 per share that Wall Street analysts had estimated, that looks like a miss -- and could in and of itself explain why HP stock is falling today.
Source Fool.com