NEW YORK (AP) -- Shares of Lexmark International Inc. fell to their lowest level in nearly three years Friday, after the printer maker warned that it did worse than expected in the second quarter due to weaker demand in Europe.
Shares of competitor Hewlett Packard Co. also took a hit, falling to their lowest level in nearly eight years. Investors feared that the company could see its own slump.
Lexmark said late Thursday that it estimates its earnings per share during the second quarter will range from 87 cents to 89 cents. That was below the company's previous estimate of 95 cents to $1.05 per share.
More companies have been cutting their spending on computer software and hardware amid rising concerns of a global recession. Lexmark cited weaker demand for its products around the world, especially in Europe.
Shares of Lexmark fell $3.91, or 16.1 percent, to $20.40 in afternoon trading Friday. Earlier, its shares fell to $20.26, their lowest point since October 2009.
Hewlett-Packard shares fell 39 cents, or 2 percent, to $18.96. Its shares fell as low as 18.77 Friday, their lowest point since November 2004.
Shares of other printer makers had slight gains. Dell Inc. shares rose 22 cents, or 1.8 percent, to $12.35. Canon Inc. shares rose 34 cents to $37.59.