Stocks Set to Sag as HP, Disney Sour Mood By Denise Duclaux
Hewlett-Packard chief Carly Fiorina said on Tuesday she would not raise financial guidance due to an uncertain economy. She said HP expects fiscal 2003 revenues to rise 2 percent to 4 percent from fiscal 2002 -- trimming its prior expectations for a rise of 4 percent to 6 percent. The Dow component fell to $18.50 before the bell from a $19.23 close.
Walt Disney revised downward its fiscal 2002 earnings due to the box office failure of the animated film "Treasure Planet." It also disclosed a probe by securities regulators into whether its board has provided independent oversight. Disney, another Dow member, dropped to $17.50 before the open from an $18.54 finish.