Two Ways: HP Unleashes on China
Strengthen your portfolio in good times and bad.
HP Steaming Ahead in China
Hewlett-Packard (HPQ) is in talks with China's three mobile carriers about offering netbooks to China's low-cost consumer. According to The Wall Street Journal, HP unveiled a number of new products today and is in negotiations with China Mobile (CHL), China Unicom (CHU), and China Telecom (CHA).
In the tough economic climate, the world's largest maker of personal computers is hoping to expand its revenue in the country just as PC demand appears to be making a comeback. In its second fiscal quarter that ended April 30, HP's sales in China grew at a faster rate than the entire Chinese PC market. The company was able to increase its market share to 13.7% in the first calendar quarter from 10.9% in the previous quarter.
From the Bull Pen: Those bullish HPQ can set a sell stop below $33.50. China Mobile also seems like a worthy buy candidate. One can set a sell stop on CHL below $46.
From the Bear Cave: For bearish tech plays, one can continue to look to AT&T (T). The stock is reapproaching the $25 level (previous support which should now acts as overhead resistance). A buy stop can be set 2% above entry.
Quick Check Around the World
Asian trading closed with the Hang Seng 5.26%, India 3.83%, Nikkei 1.37%, Shanghai 1.71% and Taiwan 3.10%.
Glancing towards Europe, we see the CAC 0.55%, DAX 0.25%, FTSE -0.01%
As of 8:10 AM EST, S&P Futures are trading -2 to 910.00, and Nasdaq futures are -1 to 1412.61.
A Look at Commodities
Over in commodities, crude oil is trading +0.50 to 62.95 while gold is -5.30 at 948.00 this morning. Silver is -0.130 to 14.46 and copper -1.60 to 212.50.
The dollar index is +0.3850 to 80.5900.
On the Radar
10:00 Existing Home Sales 4.65m
Click here for the full trading radar.
It's already hump day. Good luck!
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