H-P Records Non-Cash Charge and 4 Hot Stocks Seeing Action Today
Hewlett-Packard Company (NYSE:HPQ) stated that it recorded a non-cash charge for the impairment of goodwill and intangible assets in its Software segment totaling about $8.8 billion during Q4. Most of the impairment charge is “linked to serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy Corporation plc that occurred prior to HP’s acquisition of Autonomy and the associated impact of those improprieties, failures and misrepresentations on the expected future financial performance of the Autonomy business over the long-term,” HP stated. “The balance of the impairment charge is linked to the recent trading value of HP stock. There will be no cash impact associated with the impairment charge,” the company elaborated.
Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) has named Brian Kelley as the new President and CEO and a member of the Board of Directors, beginning on December 3. Kelley is to take the place of GMCR’s current President and CEO, Lawrence J. Blanford, who expressed his intentions to retire from the company and has worked with the company’s Board of Directors to iname his successor. In September 2012, Kelley was named President of Coca-Cola Refreshments (NYSE:KO), which is to be effective January 1, 2013. Kelley has held the position of Chief Product Supply Officer, Coca Cola Refreshments since October, 2010.
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Research In Motion Limited (NASDAQ:RIMM): On Monday, Jefferies analyst Peter Misek increased his rating to Hold from Underperform along with giving the company a new price target of $10, which is up from $5.
Best Buy Co. Inc. (NYSE:BBY) domestic segment revenue saw a 4.0 percent comparable store sales decline along with the impact of store closures. Furthermore, international comparable store sales saw a 5.2 percent drop, and comparable store sales growth in Europe was more than offset as a result of the declines in Canada and China.
HJ Heinz Co. (NYSE:HNZ) claims that the company continues to move along with the economic trends and changed consumer behavior in Europe. The company also states that it is expecting emerging markets growth to continue, and it intends to search for new opportunities in the markets, which includes a possible M&A. These comments were taken from the company’s Q2 earnings conference call.