HP Takes Stock Of Stock Price Decline

Robert P. Wayman, HP executive vice president and chief financial officer took the time to quell investor's fears over HP's steep stock prince decline in recent weeks. A few days before its 1999 fiscal year closed on October 31, Wayman reiterated earlier comments about HP's businesses. "Given the fact that our PC and imaging businesses – comprising some 75 percent of HP’s overall business – are in excellent health, we are surprised by the magnitude of the decline in our stock price."

Investors were made aware of weakness in HP's North American HP 9000/HP-UX system sales, the impact of the Taiwan earthquake on PC components and the uncertainty that remains related to Year 2000 customer spending.However, there is strong growth and excellent profitability in printers, and imaging products and supplies.

HP will report report fourth-quarter results after the market closes Wednesday, November 17.