Earnings News: Hewlett-Packard Company (HPQ), Limited Brands Inc (LTD)

Category: Companies / Aug 21, 2013 5:58PM EDT

Hewlett-Packard Company (NYSE: HPQ) reported fiscal third quarter earnings of 86 cents a share on revenue of $27.23 billion, compared with estimates of earnings of 86 cents a share on revenue of $27.29 billion, according to analysts polled by Reuters.

HP raised its outlook, as the tech giant sees adjusted full-year EPS of $3.53 to $3.57, compared to its previous estimate of $3.50 a share to $3.60 a share.

A slowdown in personal computer sales has been an issue for HP for some time now, and the tech giant said PC revenue fell 11 percent in the previous quarter from a year earlier.

HP also saw some key management changes on Wednesday. Ahead of the earnings report, CEO Meg Whitman announced two high-level executives, Enterprise Group chief Dave Donatelli and Marketing Chief Marty Homlish, were reassigned into different positions within the company.

On Wednesday, shares of Hewlett-Packard Company dropped 5.83 percent to $23.90 in after-hours trading.

L Brands, Inc. (NYSE: LTD) reported second quarter earnings of 61 cents per share on revenue of $2.52 billion, compared with EPS estimates of 60 cents on revenue of $2.51 billion, according to analysts polled by Reuters. L Brands, Inc. was previous known as Limited Brands, Inc.

The parent company of Victoria's Secret and Bath & Body Works updated its guidance for the fiscal third quarter, and expects EPS of 23 cents to 28 cents, below analysts’ estimates.

Shares of L Brands Inc fell 3.09 percent to $58.00 in extended-hours trading.

Wall Street plunged on Wednesday, as the Dow fell for its sixth straight session to close below the key 15,000 mark, after investors tried to weigh minutes from the Federal Reserve’s July policy meeting. 

On the earnings calendar for Thursday: Pandora Media Inc. (NYSE:P), Marvell Technology Group Ltd. (NASDAQ:MRVL), Abercrombie & Fitch Co. (NYSE:ANF), Aeropostale Inc. (NYSE:ARO), The Gap Inc. (NYSE:GPS), GameStop Corp. (NYSE:GME), Ross Stores Inc. (NASDAQ:ROST), Sears Holdings Corp (NASDAQ:SHLD), The Buckle Inc. (NYSE:BKE).

The Dow Jones industrial average dropped 105.44 points, or 0.07 percent, to close at 14,897.55. The S&P 500 Index was up 9.55 points, or 0.58 percent, to end at 1,642.80. The Nasdaq Composite Index was down 13.80 points, or 0.38 percent, to finish at 3,599.79.