Hewlett-Packard (HPQ) rose nearly 2% yesterday on news of a company shake-up. Chairman Ray Lane announced he is stepping down saying he wants to reduce distractions. Two weeks ago he barely survived a shareholder revolt. Lane was blamed for his role in HP's costly acquisition of British software maker Autonomy. He'll remain on the company board, but two other members are departing amid the fallout. Shares of HP took quite a dip this week, prior to yesterday's rise. Still they've nearly doubled since November.
Best Buy (BBY) now sits at a 52-week high, after leaping more than 16% yesterday. Shares spiked on news that the big box retailer will be creating Samsung boutiques inside its stores. By the way, Best Buy also said it's offering a 30% discount on its current stock of the iPad 3. Shares of Best Buy were trading just over $11 right after Christmas when all the talk was about show-rooming. The stock is now above $25.
F5 Networks (FFIV) is down sharply in premarket trading here on the NASDAQ. Shares tumbled after hours yesterday when the company warned that second-quarter net income and revenue will fall short of its expectations. F5 sells IT and networking equipment. It points to a drop in business with the federal government as part of the problem. If you were holding shares of F5, the time to sell was last April when the stock almost hit $140. Right now it's under $80.
We end on a positive note with WD-40 (WDFC) which is up more than 6% in premarket trading. The maker of the famous multi-purpose formula let earnings out of the can after yesterday's closing bell. It made 66-cents a share, beating expectations by a dime. Revenue, however, we should mention was right in line with estimates at $87-million. The jump we're seeing in shares right now puts the stock at a new 52-week high, beating one set about a month ago.
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