Midday movers: Hewlett-Packard, Pandora, NetApp
Stocks slide on mixed economic reports and comments about lending in China.
Hewlett-Packard (HPQ) shares opened sharply higher but slid throughout the session to about 71 cents, or 3.37%, higher at $21.79 near noon. The company reported better-than-expected second-quarter results but guided to third-quarter earnings below consensus.
The company also announced it will layoff about 9,000 employees by the end of this year on the way toward its plan to cut 27,000 positions by the end of 2014.
Among the notable gainers were Pandora (P), up 15%, after its quarterly losses were not as steep as expected and William Blair said the company continues to take market share, and PVH Corp. (PVH), up nearly 7%, after it raised its full year adjusted earnings view. Noteworthy losers included NetApp (NTAP), down over 14%, after the company provided significantly weaker than expected guidance for Q1, and Signet Jewelers (SIG), down about 10%, after guiding toward earnings in the current quarter well below the Street's view.
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Stocks are facing some serious resistance as the bears tear into the market's respite.
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