Thursday, August 31, 2006
HPQ Closes Over $36
It was June 9th, 2006 when I blogged about HP's stock (NYSE HPQ) trading below $30 a share. It went on to close at $29.94 that day, and didn't get back up above $30 for a close until June 14th. I was remarking about how quietly this plunge from May's highs in the mid-$33's had happened -- but of course the backdrop of June's sketchy general market activity probably had a lot to do with this. Well, markets have improved a lot since then, with even oil going down recently, HP hit good quarterly numbers again a couple of weeks ago, and the stock closed for the first time in YEARS at $36 or above ($36.00 even in this case). Speaking of HP's quarterly numbers, the printing and imaging highlights were typical -- improving margins on good growth in supplies, AIO's and color lasers, and digital presses.