Midday movers: H-P, Best Buy, Green Mountain Coffee

Stocks are mixed as a large write-down, and associated charges of fraud, from Hewlett-Packard overshadow better-than-expected US housing data.

By MSN Money Partner Nov 20, 2012 2:42PM
logoImage, Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

Hewlett-Packard (HPQ) shares plunged 11% to a 10-year low after the company recorded a $8.8 billion write-down "linked to serious accounting improprieties, disclosure failures and outright misrepresentations" related to its purchase of U.K. software company Autonomy. 

Almost lost in the scandal were H-P's results, as its quarterly earnings beat expectations but its view for profit next quarter trailed Wall Street estimates.

 Best Buy's (BBY) earnings fell short of lowered expectations, its same-store sales declined 4.3% and the company lowered its free cash flow view by almost a half a billion dollars, sending shares down 12%.

 In the financial sector, JPMorgan (JPM) announced a new chief financial officer and Credit Suisse (CS) said it will combine its asset management unit with its private bank resulting in a simplified corporate structure with only two arms.

Among the notable gainers was Green Mountain Coffee Roasters (GMCR), which rose 6% after it named former Coca-Cola (KO) executive Brian Kelley as its new CEO. 

Also higher were shares of Krispy Kreme (KKD), up 22% after its Q3 results topped expectations. 

Among the noteworthy losers were Cliffs Natural Resources (CLF), down 9% following a downgrade to Sell at Goldman, and Patterson Companies (PDCO), down 7% after the company lowered its FY13 EPS view. 
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