Hewlett-Packard Jumps On Jobs Cut Report (HPQ, P CREE, MCD, BIDU)

Hewlett-Packard Company (NYSE:HPQ) shares climbed 8.63% to $22.90 in the pre-market hour trading after the company’s second-quarter earnings fell 31% amid relatively flat revenue in the company’s personal computer business and lower sales in its printing segment.The company posted second-quarter profit of $1.59 billion, or $0.80 a share, as against $2.3 billion, or $1.05 a share, a year earlier. Adjusted per-share earnings fell to $0.98 a share. In February, the company projected earnings between $0.88 a share and $0.91 a share, below analyst estimates at the time. Revenue decreased 3% to $30.69 billion, above the $29.92 billion estimate from analysts.

Looking forward, the company expects third quarter non-GAAP diluted EPS to be in the range of $0.94 to $0.97 and GAAP diluted EPS to be in the range of $0.00 to $0.03. For fiscal 2012, it estimates non-GAAP diluted EPS to be in the range of $4.05 to $4.10 and GAAP diluted EPS to be in the range of $2.25 to $2.30.

Pandora Media Inc (NYSE:P) shares climbed 15.49% to $11.93 in the pre-market hour even though the company’s first-quarter loss widened sharply owing to higher costs that offset strong growth in the company's revenue. However, adjusted loss wasn't as bad as feared and revenue topped expectations.

The company reported a first quarter loss of $20.2 million, as compared with a year-earlier loss of $6.8 million. On a per-share basis, the loss narrowed to $0.12 a share from $0.61 a share as the company's shares outstanding increased sharply. Adjusted loss expanded to $0.09 a share. Revenue surged 58% to $80.8 million. Analysts expected loss of $0.18 per share on revenues of $74.34 million for the quarter.

Cree, Inc. (NASDAQ:CREE) shares declined 0.26% to $26.38 in the after hour trading. The shares has been declining ever since the company said that John Kurtzweil has resigned as executive vice president-finance and CFO, effective May 21, 2012, to pursue other opportunities, and that Michael McDevitt has been appointed CFO on an interim basis. Mr. Kurtzweil will be leaving to join Extreme Networks.

McDonald's Corporation (NYSE:MCD) shares gained 0.50% to $91.94 in the pre-market trading after the company announced that Dave Hoffmann, 44, currently Senior Vice President for Restaurant Support in McDonald's Asia/Pacific, Middle East and Africa (APMEA) region, has been elected President of McDonald's APMEA by the McDonald's Board of Directors, effective July 1. Hoffmann, a 16-year McDonald's veteran, succeeds Tim Fenton who recently was promoted to McDonald's Chief Operating Officer, also effective July 1.

Baidu.com, Inc. (ADR) (NASDAQ:BIDU) shares increased 0.48% to $122.88 in the pre-market session. The company is launching a low-cost smartphone which would run on the company’s own operating system. The company is making yet another gallant incursion in the field of mobile search. Under the umbrella of a distinct brand, these smartphones would be priced below RMB 1,000 (£98).