NEW YORK, NY / ACCESSWIRE / May 26, 2017 / Shares of HP closed down on Thursday despite seeing gains after the company released its Q1 report late Wednesday. Shares of Staples closed up after it was revealed that the office supplier has rejected Cerberus Capital Management's takeover bid.

RDI Initiates Coverage on:

HP Inc.https://ub.rdinvesting.com/news/?ticker=HPQ

Staples, Inc.https://ub.rdinvesting.com/news/?ticker=SPLS

HP Inc.'s shares closed down 3.37% yesterday despite hitting a new 52-week high of $19.58 during intra-day trading. The company reported better than expected fiscal second quarter results Wednesday after the close. HP reported sales of $12.39 billion, a growth of 7%, and 40 cents a share excluding items. Analysts had expected 39 cents a share on $11.88 billion. The beat thrilled the street as shares jumped as much as 3% before pulling back. Looking ahead, HP is expected 40 to 43 cents a share excluding items for the current quarter. Analysts are expecting 42 cents. For the full year 2017, the company has forecast adjusted earnings per share of $1.59 to $1.66, while Wall Street expected $1.62.

CEO DIon Weisler commented, "This was a breakthrough quarter for HP, and marks the first time both Personal Systems and Print have grown in the same quarter since 2010. We're delivering solid performance across our portfolio, in all regions, and on key financial metrics. Our team is taking profitable share, out-executing our competitors and delivering some of the best innovation in HP's history. It's clear our reinvention is paying off."

Access RDI's HP Research Report at: https://ub.rdinvesting.com/news/?ticker=HPQ

Staples, Inc.'s closed up 3.19% on Wednesday after news indicated that the company has rejected a takeover bid from Cerberus Capital Management. Sycamore Partners is still in the running to buy the office supply company. Staples also just released its first quarter earnings last week and reported that same-store sales dropped 6% in North America. The company reported adjusted earnings from continuing of 17 cents per share, which was in line with estimates but also an 11% drop compared to the year-ago period. Total sales of $4,149 million also trailed the Zacks Consensus Estimate of $4,539 million. The company plans to close around 70 stores this year in North America.

Access RDI's Staples Research Report at: https://ub.rdinvesting.com/news/?ticker=SPLS

Our Actionable Research on HP Inc. (NYSE: HPQ) and Staples, Inc. (NASDAQ: SPLS) can be downloaded free of charge at Research Driven Investing.

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Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Nadia Noorani, CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.

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