Hewlett-Packard (NYSE:HPQ) reported fiscal Q1 EPS of 93 cents, ex-items, inline with analyst estimates. Revenues in the quarter rose 1% year-over-year to $28.8 billion, missing consensus estimates of $31.9 million. The company sees fiscal Q2 adjusted EPS of 84-86 cents, vs. estimates of 89 cents. The company estimates that 2Q revenue will decline approximately 2-3% vs. the year-ago period and estimates fiscal year 2009 revenue to decline 2-5% year-over-year. HP sees full year adjusted EPS of $3.76-$3.88, ex-items, vs. estimates of $3.77. In November, the company forecasted FY 2009 EPS to be between $3.88 and $4.03. Mysmartrend.com downtrended Hewlett-Packard (NYSE:HPQ) at $32.01 and it is currently trading at $31.45.

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